The Hindu Business Line : Canbank Mutual to float CanIndex

Principal Mutual fund is to take over the schemes managed by Sun F&C Mutual fund except the international plan of the Sun F&C Fixed Income Securities Fund and the Sun F&C Fixed Maturity Series. These two schemes have been wound up by Sun F&C Mutual Fund.

GIC Mutual Fund is attempting a clean-up exercise. It has wound up its liquid scheme and has redeemed its close-ended equity linked savings scheme. It is looking for prospective buyers for its schemes and has received a few bids from other fund houses.

Kotak Mahindra Mutual Fund has renamed its proposed Fund of Funds (FOF). The fund, originally named as Kotak Research FOF, is now renamed as Kotak Multimanager. The change was made after SEBI requested the fund house to revise the name of the scheme.

The fund will allocate 20-25 per cent of its assets to one or more broadbased equity funds of Kotak Mahindra Mutual Fund and rest will be invested in the diversified equity schemes of competing mutual fund houses.

Sundaram Mutual Fund has decided to postpone the launch of Sundaram Leadership Fund, which was to be launched on May 20. The reason for postponement was the uncertainty in the political situation. The launch has been deferred to a later date, after the uncertainty clears up. The fund is to invest in stocks of companies that are leaders in their sectors.

Canbank Mutual Fund plans to float an index fund, CanIndex, based on the S&P CNX Nifty of the National Stock Exchange. The fund house has named Canbank Computer Services as its registrar and transfer agent. This is the its first passively managed fund. The fund house currently manages the Canbonus, Canglobal and Canequity diversified funds.

The closing of the IPO of DSP Merill Lynch's TIGER Fund has been postponed to May 25, from the original date of May 20.

BL Research Bureau

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Investment Quiz

How to bank through the Net

Stanchart's `Parivaar' savings account

Verdict 2004: Catalyst for a market makeover

Active funds teach a lesson or two

Markets await policy direction

Franklin India Prima Fund: Invest

Birla Equity Plan: Invest in small lots

Kotak 30