The Hindu Business Line : Standard Chartered to launch fund of funds scheme

The four plans under the Benchmark Fund of Funds scheme that has been launched by Benchmark Mutual Fund — Nifty BeES plan, the Junior BeES plan, Nifty 100 plan and Nifty Balanced Plan — are open for subscription. The offer opened on May 27 and closes on June 22. The minimum investment amount is Rs 10,000. Dividend and Growth options are available under the scheme.

Sundaram Leadership Fund is open for subscription. The offer opened on May 31 and closes on June 18. The minimum investment is Rs 5,000. Dividend and Growth options are available.

SEBI has approved the merger of IL&FS Mutual Funds schemes with UTI Mutual Fund. The latter is to absorb and retain the identity and features of all eleven schemes of IL&FS Mutual Fund.

Standard Chartered Mutual Fund is to launch a fund of funds scheme. According to the offer documents filed with SEBI, the fund would have three plans — regular, institutional and super-institutional.

JM Mutual Fund is to rename JM Basic Fund to JM Oil & Energy Fund. The JM Basic Fund, which invests only in petroleum sector, now plans to invest in companies related to the energy sector as well. The fund house is to modify the fundamental objectives of the scheme to suit this proposal and is to adopt a broad-based investment strategy.

Kotak MF has filed offer documents for three funds — Kotak Floater Long Term, Kotak Income Plus Aggressive and Kotak Midcap — with SEBI for approval.

The first fund would invest in floating rate securities; the second chiefly in debt securities; and the third would invest in stocks having a market capitalisation ranging from Rs 150 crore- Rs 1,500 crore.

SEBI has cleared ABN AMRO's application to start asset management operations in India.

The management team for the fund is already in place. Nikhil Johri is to head the asset management company.

BL Research Bureau

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