Reserve Bank to MFs’ rescue
The Reserve Bank of India decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs 25,000 crore on July 17 with a view to enabling banks to meet the liquidity requirements of mutual funds. The central bank will make this facility available for a temporary period until further notice.
Key personnel changes
Religare Invesco Asset Management Company has announced that Saurabh Nanavati has been appointed as Managing Director of the AMC from July 11, 2013. Accordingly, he is re-designated as Managing Director and Chief Executive Officer of the AMC.
Deutsche Asset Management (India) appointed Vikram Kotak as the Chief Investment Officer Equity of Deutsche Asset Management (India). In this role as CIO - Equity, Vikram will be responsible for all investment activities and investment strategy on the equity side of the AMC. Vikram replaces Aniket Inamdar.
New scheme launch
Morgan Stanley Mutual Fund launched Morgan Stanley Ultra Short Term Fund. The NFO period is from July 17 to July 24, 2013. Its performance will be benchmarked against CRISIL Liquid Fund Index and will be managed by Ritesh Jain.
Fresh offering allowed
Kotak Mutual Fund will accept fresh applications for subscription of units, SIP, STP and switch-ins in Kotak Equity Arbitrage Fund from July 22, 2013. The AMC will also revise the cap on investment amount for fresh purchases on a single day to a maximum of Rs 1 crore from July 22, 2013.
Dividends declared
Birla Sun Life Mutual Fund declared dividend under the dividend options of Birla Sun Life Midcap Fund and Birla Sun Life Small & Midcap Fund. The per unit quantum of dividend will be Rs 1.50 and Rs 0.35 respectively, with the record date set as July 19, 2013.
ICICI Prudential Mutual Fund declared dividend under ICICI Prudential R.I.G.H.T. Fund. The quantum of dividend is Rs 1.5 with the record set as July 19, 2013.
Franklin Templeton Mutual Fund declared dividend under the dividend option of Regular and Direct Plans of FT India Dynamic PE Ratio Fund of Funds. The per unit quantum of dividend is Re 0.389 for Individuals and HUFs and Re 0.373 for others with the record date set as July 19, 2013.
