Changes in key personnel
Franklin Templeton Mutual Fund informed that K.N. Siva Subramanian, Chief Investment Officer - Franklin Equity (India) has retired from Franklin Templeton Asset Management (India) Pvt. Ltd. from February 28, 2014. Accordingly, Anand Radhakrishnan, Head - Equity & Portfolio Manager - Franklin Equity will be replacing Siva as Chief Investment Officer - Franklin Equity (India). Also, there will be some new managers for the schemes. Franklin India Flexi Cap Fund will be managed by R. Janakiraman, Roshi Jain and Anand Vasudevan. Franklin India Smaller Companies Fund will be managed by R. Janakiraman and Roshi Jain. Franklin India Prima Fund will be managed by R. Janakiraman and Roshi Jain. And Franklin India High Growth Companies Fund will be managed by R. Janakiraman and Roshi Jain. The AMC further informed that Gaurab Parija will cease to be the National Sales Director, effective March 3, 2014 and will be replaced by Peshotan Dastoor.
Sundaram Mutual Fund informed that Sunil Subramaniam, Director Sales and Global Operations, has been elevated to the position of Deputy CEO of Sundaram AMC from February 19, 2014. Sunil has been with Sundaram MF since September 2005. Over the eight and half years tenure, with the AMC, his duties were spread over three roles starting out as Vice President (Retail Distribution) to Executive Director (Sales and Marketing) and Director (Sales and Global Operations).
New fund offer
Kotak Mutual Fund launched Kotak Medium Term Fund, an open ended debt scheme. The NFO period is from February 28 to March 13, 2014. Its performance will be benchmarked against CRISIL Composite Bond Fund Index and it will be managed by Abhishek Bisen and Deepak Agrawal.
Changes in schemes and offering
UTI Mutual Fund will merge UTI Master Value Fund into UTI Mid Cap Fund from March 26, 2014. Post the merger, the plans and options of UTI Master Value Fund will remain the same in merged scheme. All other fundamental attributes will remain the same. Due to this fundamental change, existing investors can exit the scheme between February 25 and March 26, 2014 without paying any exit load.
ICICI Prudential Mutual Fund will make changes to the fundamental attributes of ICICI Prudential Savings Fund from April 1, 2014. The allocation to Floating Rate Debt Instruments will be between 40% and 100% and to Fixed Rate Debt Instruments will be between 0% and 60%. Also, the scheme may invest upto 35% in securitized debt and invest upto 50% in derivatives instruments. Existing investors can exit the scheme without paying any exit load between February 28 and March 31, 2014. The fund house further informed that it will change the minimum application amount under this pfferong to Rs 5,000 in case of fresh purchase/switch from March 6, 2014.
Religare Invesco Mutual Fund has introduced Systematic Investment Plan (SIP) facility under following schemes: Religare Invesco Credit Opportunities Fund, Religare Invesco Short Term Fund, Religare Invesco Gilt Fund- Short Duration Plan & Long Duration Plan, Religare Invesco Medium Term Bond Fund, Religare Invesco Ultra Short Term Fund and Religare Invesco Active Income Fund. The SIP will offer monthly and quarterly frequency under these schemes and monthly frequency will be considered as default frequency. The minimum number of installments will be 6 for monthly frequency and 4 for quarterly frequency and the minimum amount for each SIP installment will be Rs 1,000 per month for monthly frequency and Rs 2,000 per quarter for quarterly frequency. The fund house also introduced Systematic Withdrawal Plan (SWP) facility under Religare Invesco Arbitrage Fund. These changes are effective from February 28, 2014.
Changes in exit load and dividends declared
Canara Robeco Mutual Fund will begin charging an exit load of 0.25% under Canara Robeco Floating Rate Fund from March 1, 2014 if units are redeemed within 60 days.
HDFC Mutual Fund declared dividend under HDFC Balanced Fund, HDFC Prudence Fund and HDFC Mid Cap Opportunities Fund. The quantum of dividend is as follows: HDFC Balanced Fund (Rs 1.25 per unit under all plans); HDFC Prudence Fund (Rs 3.00 per unit under regular plan and Rs 1.25 per unit under direct plan) and HDFC Mid Cap Opportunities Fund (Rs 1.75 per unit under all plans). The record date is set as February 26, 2014.
DSP BlackRock Mutual Fund declared dividend under DSP BlackRock Top 100 Equity Fund. The quantum of dividend is Rs 1.90 per unit under the regular plan; Rs 0.90 per unit under the direct plan and Rs 1.25 per unit under the institutional option. The record date is set as February 28, 2014.
Kotak Mutual Fund declared dividend under the dividend option of Kotak Midcap. The quantum of dividend is Rs 1.00 per unit with the record date set as February 28, 2014.
Morgan Stanley Mutual Fund declared dividend under the regular and direct plans of plan of Morgan Stanley Growth Fund and Morgan Stanley A.C.E Fund. The quantum of dividend is Rs 1.50 per unit under Morgan Stanley Growth Fund and Rs 1 per unit under Morgan Stanley A.C.E Fund with the record date set as March 4, 2014.
