Fund Times: Tata MF Changes Fund Managers

Jun 17, 2013
Fund Times is a weekly report on developments in the Indian mutual fund industry.

Fund manager changes

Tata Mutual Fund changed fund management responsibilities under various schemes from June 7, 2013, as Bhupinder Sethi ceased to be a fund manager for Tata Mutual Fund. From that date, Tata Equity Opportunities is being managed by Pradeep Gokhale, Tata Equity P/E Fund is being managed by Atul Bhole, Tata Dividend Yield Fund is being managed by Rupesh Patel and Tata Offshore India Opportunities Fund is being co-managed by Pradeep Gokhale and Rupesh Patel. Nainesh Rajani will be the fund manager for overseas portfolios of Tata Equity Opportunities Fund, Tata Growing Economies Infrastructure Fund Scheme A&B, Tata Indo Global Infrastructure Fund, Tata Infrastructure Fund and Tata Pure Equity Fund. Further, Amish Munshi will be the Senior Fund Manager and Head of Research.

Changes in scheme structure and offering

ICICI Prudential Mutual Fund will change the asset allocation pattern of ICICI Prudential Nifty Junior Index Fund from July 19, 2013. Its allocation to equity securities of companies constituting Nifty Junior Index, which currently stands at 90 to 95% of its assets, would change to 95 to 100%. Consequently, its allocation to debt and money market instruments, which is currently is 5 to 10% of assets, change to 0 to 5%.

Religare Mutual Fund will introduce bonus option under some schemes from June 18, 2013. The bonus option will also be available under Direct Plan of respective scheme: Religare Invesco Liquid Fund; Religare Invesco Overnight Fund; Religare Invesco Credit Opportunities Fund; Religare Invesco Short Term Fund; Religare Invesco Gilt Fund - Long & Short Duration Plan; Religare Invesco Medium Term Bond Fund; Religare Invesco Bank Debt Fund and Religare Invesco Arbitrage Fund.

Reliance Mutual Fund will introduce Quarterly Dividend Payout option and Quarterly Dividend Reinvestment option under Reliance Regular Savings Balanced Fund - Regular and Direct Plan from June 19, 2013.

Changes in exit load and dividend declared

ICICI Mutual Fund stopped charging any exit load under ICICI Prudential Dynamic Bond Fund from June 11, 2013.

Canara Robeco Mutual Fund has begun charging an exit load of 0.50% under Canara Robeco Short Term Fund if units are investments redeemed/ switched out within 3 months from the date of allotment.

UTI Mutual Fund declared a dividend of Re 0.50 per unit under the dividend option of UTI Dividend Yield Fund with the record date set as June 19, 2013.

Kotak Mutual Fund declared a dividend of Rs 7 per unit under Kotak Sensex ETF with the record date set as June 18, 2013.

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