Bank of India to take over Bharti AXA Mutual Fund
Bharti AXA Mutual Fund will become BOI AXA Mutual Fund from May 23, 2012 consequent to Bank of India acquiring 51% stake in the joint venture - 25% stake from Bharti Ventures and 26% from AXA Investment Managers Asia Holdings. Simultaneously, Bank of India will become the co-sponsor along with AXA Investment Managers. The name of the schemes will carry BOI AXA pre-fix, replacing Bharti AXA. Due to this fundamental change, current investors of Bharti AXA Mutual Fund have been given an option of exit without paying any exit load between April 23 to May 23, 2012.
Change in fund management responsibilities
Birla Sun Life Mutual Fund revised fund management responsibilities from April 17, 2012. From that date, Maneesh Dangi began solely managing Birla Sun Life Medium Term Plan and Kaustubh Gupta began solely managing Birla Sun Life Savings Fund.
Changes in scheme structure
UTI Mutual Fund withdrew the request of change in benchmark index under UTI Infrastructure Fund which was made on March 9, 2011. Earlier, it had decided to change the benchmark index from BSE 100 Index to UTI Infrastructure Index.
Religare Mutual Fund will increase the annual scheme recurring expenses of Religare Short-term Plan A & B from May 25, 2012. Overall now, both plans will charge 2.25% annual recurring expenses while presently, Plan A is charging 2% and Plan B is charging 1.75% annual recurring expenses. The major increment will be the hike in investment management & advisory fee from the current 1% to 1.25% in both the plans. Due to this fundamental change, investors who are not in agreement, can exit these schemes without paying any exit load between April 25 to May 24, 2012.
Exit load and dividend news
Axis Mutual Fund has begun charging an exit load of 1% under Axis Income Fund from April 19, 2012 if units are redeemed/switched out within 12 months from the date of allotment.
Principal Mutual Fund has begun charging an exit load of 0.25% under Principal Bank CD Fund if units are redeemed on or before 6 months from the date of allotment. Also, it has begun charging an exit load of 2% under Principal Near Term Corporate Bond Plan if units are redeemed on or before 12 months and 1% if redeemed after 12 months but before 24 months from the date of allotment. These changes are in effect from April 16, 2012.
UTI Mutual Fund declared dividend under the dividend option of UTI Opportunities Fund. The quantum of dividend will be Rs 0.90 per unit with the record date set as April 19, 2012.
Franklin Templeton Mutual Fund declared dividend under the dividend option of Franklin Templeton India Dynamic PE Ratio Fund of Funds. The quantum of dividend will be Rs 0.440 per unit for individuals and HUFs only with the record date set as April 20, 2012.