Key personnel changes and fund manager appointments
Mirae Asset Mutual Fund appointed Jisang Yoo, currently Chief Financial Officer (CFO), as the Chief Executive Officer (CEO). He replaces Arindam Ghosh who was there since the MF’s inception and has resigned to pursue other interests.
Tata Mutual Fund appointed Pratip Kar and Arvind Sethi as independent directors of Tata Asset Management from April 2, 2012.
Taurus Mutual Fund appointed Abhinav Sharma as Fund Manager- Equity for Taurus Ethical Fund and Taurus Bonanza Fund from April 10, 2012. Earlier he has worked with ING Vysya Life Insurance as Senior Manager, Edelweiss Securities as manager (research and investments) and ICICI Lombard General Insurance as Investments Manager. He will replace Sadanand Shetty.
Changes in exit load and dividends declared
Canara Robeco Mutual Fund will charge an exit load of 1% under Canara Robeco Dynamic Bond Fund if units are redeemed/switched out within 12 months from the date of allotment and nil thereafter. Further, it will charge an exit load of 0.50% under Canara Robeco Income Fund if units are redeemed/switched out within 12 months from the date of allotment and nil thereafter. These changes in exit loads are in effect from April 12, 2012.
Taurus Mutual Fund has begun charging an exit load of 1% under Taurus Dynamic Income Fund from April 9, 2012 if units are redeemed or switched out up to 1 year from the date of allotment. Previously, an exit load of 1% was charged if units were redeemed within 90 days from allotment.
Tata Mutual Fund declared dividend under Tata Equity P/E Fund under its dividend Trigger Option A-5 and dividend Trigger Option B-10. The quantum of dividend will be Re 1 per unit for Option A-5 and Rs 2 per unit for Option B-10 with the record date set as April 16, 2012.
IDBI Mutual Fund declared dividend under the quarterly dividend of IDBI Monthly Income Plan. The quantum of dividend will be Rs 0.25 per unit with the record date set as April 18, 2012.
ICICI Pru MF introduces new facility
ICICI Prudential Mutual Fund introduced Net Asset Value Appreciation Trigger (NAT) facility in select schemes for investors from April 6, 2012. It is a standing instruction given by the investor to switch units from source scheme to a target scheme in a given folio, when a particular criterion is satisfied. Currently, on appreciation of 0.75% or more in the NAV, the trigger will be hit, accordingly, the appreciation amount will be switched from source scheme to target scheme.