Birla Sun Life AMC to acquire ING Investments
Birla Sun Life Asset Management Company will acquire ING Investment Management. After the acquisition, all mutual fund schemes and portfolio management accounts of ING will be managed by Birla Sun Life.
HDFC announces major changes in schemes
HDFC Mutual Fund has entered into an agreement with Morgan Stanley Mutual Fund pursuant to which the schemes of Morgan Stanley MF will be transferred to and form part of HDFC MF. The acquirer AMC has decided to make changes to certain Morgan Stanley scheme while merging others. These changes are subject to completion and will come into effect on and from the close of business hours on the date of completion. The following funds will see changes in fundamental attributes: Morgan Stanley Growth Fund will be changed to HDFC Large Cap Fund; Morgan Stanley A.C.E Fund will be changed to HDFC Small and Mid Cap Fund; Morgan Stanley Gilt Fund will be changed to HDFC Inflation Indexed Bond Fund and Morgan Stanley Multi Asset Fund (Plan A and B) will be changed to HDFC Dynamic PE Ratio Fund of Funds (Plan A will be renamed as1 HDFC Dynamic PE Ratio Fund of Funds and Plan B will be merged into it.)
The following funds will be merged: Morgan Stanley Liquid Fund into HDFC Liquid Fund; Morgan Stanley Ultra Short Term Fund into HDFC Cash Management Fund - Treasury Advantage Plan; Morgan Stanley Active Bond Fund into HDFC High Interest Fund - Dynamic Plan and Morgan Stanley Short Term Bond Fund into HDFC Short Term Plan.
HDFC Mutual Fund will merge HDFC Focused Large-Cap Fund into HDFC Equity Fund from June 20, 2014. The type of the scheme will be changed to an open-ended growth scheme from an open-ended equity scheme currently. Investors not in agreement with the change can exit from the former scheme from May 22 to June 20, 2014 without paying any exit load.
HDFC Mutual Fund will change the asset allocation pattern of HDFC Short Term Plan after the close of business hours on June 20, 2014. The minimum assets allocated in debt securities with less than 3 years maturity and money market instruments will be 80% and maximum will be 100% and for debt securities with less than maturity of 5 years, maximum will be 20%. Due to this fundamental change, existing investors can exit without paying any exit load from May 22 to June 20, 2014.
Change in key person
Deutsche Mutual Fund appointed Kumaresh Ramakrishnan as the sole fund manager of DWS Gilt Fund, DWS Premier Bond Fund and DWS Medium Term Income Fund from May 12, 2014. Earlier the schemes were managed by Nitish Gupta along with Kumaresh.
New fund launches
Reliance Mutual Fund launched Reliance Close Ended Equity Fund II - Series A. The tenure of the scheme will be 5 years from the date of allotment. The NFO period is from May 9 to May 23, 2014. Its performance will be benchmarked against S&P BSE 200 Index and will be managed by Shailesh Raj Bhan and Jahnvee Shah.
Birla Sun Life Mutual Fund launched Birla Sun Life Emerging Leaders Fund – Series 2, a close ended equity scheme. The scheme will have duration of 3 years from the date of allotment. The NFO period is from May 16 and will close on May 26, 2014. Its performance will be benchmarked against S&P BSE Midcap Index and will be managed by Hitesh Zaveri.
Changes in offering
ICICI Prudential Mutual Fund will discontinue the fresh subscriptions under dividend reinvestment option under direct and regular plans of ICICI Prudential Tax Plan from June 1, 2014.
L&T Mutual Fund has introduced bonus option under L&T Ultra Short Term Fund and L&T Liquid Fund from May 16, 2014. The Fund House has also discontinued quarterly dividend option under L&T Income Opportunities Fund.
Deutsche Mutual Fund introduced annual bonus option in both regular and direct plans of DWS Twin Advantage Fund and DWS Income Advantage Fund, in addition to the existing options. It also informed that the existing bonus option will be renamed as Regular Bonus option. The change has taken place from May 15, 2014.
Union KBC Mutual Fund has introduced Advance Switch of Redemption Proceeds on Maturity from May 13, 2014. In this, the investors will have an option to submit switch out requests 10 calendar days in advance, prior to maturity date of the scheme. The change mentioned will be applicable in Union KBC Trigger Fund- Series 1, Union KBC FMP- Series 7, Union KBC FMP- Series 8, Union KBC FMP- Series 10 and all Close Ended Capital Protection Oriented Schemes.
Change in exit load
L&T Mutual Fund has stopped charging exit load under L&T Low Duration Fund from May 16, 2014. Earlier, it used to charge 0.50% for redemption within 1 month.
