Fund Times: Tata MF Rejigs Managers, to Merge Schemes

Fund Times is a weekly report on developments in the Indian mutual fund industry.
By Divyansh Awasthi |  27-01-12 | 
 
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About the Author
Divyansh Awasthi is an Investment Analyst with Morningstar. He would like to hear from you, but cannot give financial advice.

Fund manager and key personnel changes

Tata Mutual Fund has reshuffled fund management responsibilities: Bhupinder Sethi has been appointed as the Head of Equities and will also be managing some schemes. Venugopal Manghat will not remain a fund manager and schemes under his management will be reshuffled and managed by Pradeep Gokhale, Amish Munshi and Atul Bhole. Pradeep will manage Tata Pure Equity, Tata Index Nifty A and Tata Fixed Tenure Fund Series 1 - (equity). Amish will manage Tata Infrastructure Fund, Tata Indo Global Infrastructure, Tata Growing Economies Infrastructure Plan A & B, Tata Infrastructure Tax Saving and Tata Offshore India Infrastructure Scheme. Atul will manage Tata Balanced Fund and Tata Smart Investment Plan 1 Scheme A & B.

Edelweiss Mutual Fund changed some fund management responsibilities from January 23, 2012. Dhilip Krishna has been designated as Co-Fund Manager for all equity and fixed income schemes instead of Nandan Malik who will take over other assignments in the company.

Quantum Mutual Fund will change key personnel from February 1, 2012; Rajendra Gadiyar will be appointed as the Head of Operations of the AMC. He has been with Quantum AMC since July 2011 till date. He will be replacing Rajendra Thakkar who has resigned from this post.

New fund launch

Union KBC Mutual Fund has launched Union KBC Dynamic Bond Fund with an investment objective β€˜to provide reasonable returns and liquidity to the investors by actively managing portfolio of good quality debt as well as money market instruments.’ The NFO period is from January 23 till February 6, 2012. The performance of the scheme will be benchmarked against CRISIL Composite Bond Fund Index and will be managed by Parijat Agrawal. There will be an exit load of 0.50% charged if units are redeemed / switched out within 3 months from the date of allotment; 0.25% if units are redeemed / switched out after 3 months and upto 6 months from the date of allotment and nil thereafter.

Changes in scheme structures and offerings

Tata Mutual Fund will merge Tata Mid Cap Fund and Tata Capital Builder Fund with Tata Growth Fund from February 24, 2012. The unit holders of the two schemes being merged, who are not in agreement with the merger can exit these schemes without paying any exit load till February 24, 2012.

Indiabulls Mutual Fund has introduced daily dividend option under Indiabulls Ultra Short Term fund from January 24, 2012. Earlier, the dividend reinvestment facility was available only for weekly, fortnightly and monthly frequencies.

IDFC Mutual Fund modified the SMS Transact Facility under IDFC Money Manager Treasury Plan from January 26, 2012. From that date, if an investor does not mention the plan or option then the default option would be Plan A weekly dividend option for the purpose of transactions through SMS.

Dividend declaration

Franklin Templeton Mutual Fund declared dividend under Franklin India Bluechip Fund and FT India Dynamic PE Ratio Fund of Funds with January 27, 2012 set as the record date. The quantum of dividend will be Rs 3 per unit for Franklin India Bluechip Fund and Rs 0.440 per unit for FT India Dynamic PE Ratio Fund of Funds.

Edelweiss Mutual Fund has declared a dividend of Rs.0.18 per unit under the dividend option of Edelweiss Absolute Return Fund with January 27, 2012 set as the record date.

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