Apr 30, 2008

Mutual Funds News - 30 Apr 2008

29 Apr 2008 | 10:44 LIC MF appoints new CEO

LIC Mutual Fund has appointed Sushobhan Sarker, who was earlier with Life Insurance Corporation of India as executive director-investments, as chief executive officer of the fund house. Prior to Sarker, N. Mohanraj was the fund houses CEO.

30 Apr 2008 | 12:17 Standard Chartered MF declares dividend

Standard Chartered Mutual Fund (MF) announced to declare dividend under the dividend option of Standard Chartered Fixed Maturity Plan-Yearly Series 8 (FMP- YS 8).

The fund house fixed 5 May 2008 as the record date for the declaration of dividend. It will declare the entire appreciation in Net Asset Value of dividend option since inception until the record date, as dividend.

Pursuant to payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy, if applicable.

All unit holders registered on or before the record date will be eligible to receive the dividend.

FT MF launches new fund

Franklin Templeton Mutual Fund launched Templeton Fixed Horizon Fund Series-VIII-Plan A, which will offer an indicative yield of 8.90%. Subscription to the 367-day income plan will close on 5 May 2008. the close ended income plan will invest its entire corpus in fixed income securities having maturity profile similar to its own.

30 Apr 2008 | 13:43 UTI AMC, LIC MF to bid for managing pension scheme

UTI Asset Management Company and LIC Mutual Fund Asset Management Company will bid for management of the country's largest pension scheme.

LIC Mutual Fund, the asset management unit of Life Insurance Corp (LIC), India's biggest insurer, will also bid to manage the fund, which has a corpus of more than 1.56 trillion rupees.

The government-run Employees' Provident Fund Organisation (EPFO) has invited bids from asset managers to manage its flagship scheme by 30 April. The funds are allowed to invest only in bonds sold by the central and state government and not in equities.

30 Apr 2008 | 18:07 Mutual funds in buying mode

Mutual funds bought shares worth a net Rs 381.50 crore on Tuesday, 29 April 2008, as compared to their sales of Rs 199.60 crore on Monday, 28 April 2008.

Mutual funds net inflow of Rs 381.50 crore on Tuesday, 29 April 2008, was a result of gross purchases Rs 1423.90 crore and gross sales Rs 1042.30 crore. Sensex vaulted 362.50 points or 2.13% at 17,378.46 on that day as the central banks annual monetary policy announced during trading hours was less hawkish than what the market had feared it to be.

Mutual funds bought Rs 160.70-crore more shares than they sold in April 2008, till 29 April 2008. Mutual funds had sold Rs 1971.30-crore more shares than they had bought in March 2008, probably to raise cash to meet possible redemption pressure following a sharp setback in share prices over the last two months