The Hindu Business Line : Canbank MF to merge 2 balanced schemes

Shortly after consolidating schemes on the equity side, it has decided to merge two of its balanced products, Canganga and Cantriple, with Canpremium. The latter will soon be renamed as Canbalanced.

The consolidation, which is expected to result in more convenience in terms of lower costs and better fund management, will be carried out as soon as unitholders give their consent to the proposal.

The Managing Director of Canbank MF, Mr N.R. Ramanujam, said he hopes to end up with a situation marked by fewer but more focused schemes under its management.

"The idea is to provide a greater degree of comfort to our clients, especially to retail investors who route their savings through our funds," he said.

Canpremium, which in its new avatar will emerge as a fund with a combined corpus of about Rs 75 crore, will in future be treated by the MF as its flagship balanced scheme, it is pointed out.

The two balanced schemes that are proposed to be merged have been part of the Canbank MF stable for a fairly long time.

Canganga, introduced in 1995, is now an equity-oriented product, which can invest up to 80 per cent in equity/ equity-related instruments.

Cantriple, which traces back even earlier to 1991, is free to allocate up to 60 per cent of its assets to equity.

The MF has recently brought about the merger of Canglobal and Canbonus (both open-ended equity funds) with the newly launched Canequity Diversified.

Canpep 95, a close-ended tax-saving product, was dealt with in the same manner as well.

The mergers have already made it more convenient for investors to choose from the products offered by Canbank MF, Mr Ramanujam said.

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