SBI MF to acquire Daiwa MF
SBI Mutual Fund has agreed to acquire all of the existing India domiciled fund schemes of Daiwa Mutual Fund subject to regulatory approvals. Post this approval, all existing schemes of Daiwa MF will become schemes of SBI MF and all existing unit holders of schemes of Daiwa MF will become unit holders of SBI Mutual Fund. SBI MF holds that this acquisition will help it acquire a unique client base which will increase its penetration in retail and HNI space. The value of the transaction was not disclosed yet by either party.
IIFL MF launches IIFL Dynamic Bond Fund
IIFL Mutual Fund launched IIFL Dynamic Bond Fund with an objective ‘to generate income and long term gains by investing in a range of debt and money market instruments of various maturities.’ The NFO period is from June 6 till June 17, 2013. Its performance will be benchmarked against CRISIL Composite Bond Fund Index and will be managed by Rahul Aggarwal.
Changes in scheme structure and offering
ICICI Prudential MF introduced the SIP facility in the following its debt schemes: ICICI Prudential Short Term Plan, ICICI Prudential Dynamic Bond Fund, ICICI Prudential Ultra Short Term Plan, ICICI Prudential Liquid Plan, ICICI Prudential Money Market Fund, ICICI Prudential Banking and PSU Debt fund and ICICI Prudential Corporate Bond Fund.
Also, it has allowed the STP facility for the following target schemes: ICICI Prudential Income Plan, ICICI Prudential Short Term Plan, ICICI Prudential Gilt Fund- Investment Plan, ICICI Prudential Gilt Fund- Investment Plan- PF option, ICICI Prudential Gilt Fund- Treasury Plan, ICICI Prudential Gilt Fund- Treasury plan- PF option, ICICI Prudential Monthly Income Plan, ICICI Prudential Child Care Plan- Study Plan, ICICI Prudential Income Opportunities Fund, ICICI Prudential Dynamic Bond Fund, ICICI Prudential Ultra Short Term Plan, ICICI Prudential Flexible Income Plan, ICICI Prudential Floating Rate Plan, ICICI Prudential Liquid Plan, ICICI Prudential Regular Savings Fund, ICICI Prudential MIP 5, ICICI Prudential Long Term Plan, ICICI Prudential MIP 25, ICICI Prudential Corporate Bond Fund.
ICICI Prudential Blended Plan- Plan B is eligible to be both the source and target scheme for the STP facility.
Principal Mutual Fund will change the asset allocation pattern under Principal Dividend Yield Fund from July 5, 2013. As per the revised structure, the scheme will invest 65-100% in equity and equity related instruments of high dividend yield companies and up to 35% in debt and money market instrument. The scheme shall have a maximum net derivatives position up to 50% of the portfolio. Due to this fundamental change, investors are given an option to exit without levy of exit load between June 6 and July 5, 2013.
Principal Mutual Fund changed the benchmark of Principal Debt Savings Fund- Retail Plan, from CRISIL Composite Bond Fund Index to CRISIL Short Term Bond Fund Index. This change will be effective from June 6, 2013.
Deutsche Mutual Fund will introduce an Annual Bonus Option in Regular and Direct Plan of the following schemes from June 10, 2013: DWS Insta Cash Plus Fund, DWS Ultra Short Term, DWS Treasury Fund - Cash Plan, DWS Cash Opportunities Fund, DWS Treasury Fund - Investment Plan, DWS Money Plus Fund, DWS Short Maturity Fund, DWS Banking and PSU Fund, DWS Premier Bond Fund and DWS Gilt Fund.
Mirae Mutual Fund has changed the asset allocation pattern under Mirae Asset Short Term Bond Fund. As per revised structure, the scheme will invest 0-80% in debt instruments with residual maturity and repricing tenor exceeding 18 months and 20-100% in money market instruments and debt instruments with residual maturity and repricing tenor not exceeding 18 months. Due to this fundamental change, investors can exit the scheme without paying any exit load from June 10 to July 9, 2013.
Changes in exit load and dividend declared
HDFC MF will revise the exit load of HDFC Medium Term Opportunities Fund and HDFC Floating Rate Income Fund- Long Term Plan from June 10, 2013. Under Medium Term Opportunities, it will begin charging an exit load of 1% if units are redeemed or switched-out within 12 months from the date of allotment. Under Floating Rate Income Fund, it will charge an exit load of 0.50% on units redeemed within 3 months.
Birla Sun Life Mutual Fund has begun charging an exit load of 2% under Birla Sun Life MIP from June 6, 2013 if units are redeemed or switched out within 365 days; 1% if redeemed or switch out between 365 days 730 days; and Nil thereafter.
Indiabulls Mutual Fund has begun charging an exit load of 0.50% under Indiabulls Gilt Fund from June 3, 2013 if units are redeemed within 90 days from the allotment.
Kotak Mahindra Mutual Fund declared dividend of Rs 7 per unit under Kotak Sensex ETF, subject to availability of distributable surplus. The record date has been fixed as June 18, 2013.