The Hindu Business Line : Update

Mr Vinay Kulkarni, Senior Fund Manager of Deutsche Asset Management has resigned from the services of the company with effect from July 28, 2006. Mr Suresh Soni, Senior Fund Manager, will now manage DWS Alpha Equity, DWS Investment Opportunity, DWS Tax Saving Fund and DWS MIP.

PruICICI Mutual has declared 20 per cent dividend on its diversified equity scheme PruICICI Power. August 8 is the record date for dividend declaration.

Reliance Mutual has enhanced the upper limit on investments in Reliance growth from Rs 5 lakh to Rs 1 crore with effect from August 02.

The same will not be applicable for systematic investment and transfer plans registered before the above date.

The fund house has also declared a 10 per cent dividend under its equity schemes — Reliance Equity Opportunities and Reliance NRI Equity. The record date for the dividend is August 7.

Fidelity Mutual plans to launch Fidelity Short Term Income Fund, its fist fixed income scheme in India.

The open-ended scheme seeks to invest 0-100 per cent in money markets and bonds. The new fund offer will be open from August 17 to 24. There will be no entry or exit loads for institutional and non-institutional plans.

The fund will be benchmarked against Crisil Short Term Bond Index.

Birla Sun Life Mutual will launch Birla Long Term Advantage fund, a five-year close-ended equity fund.

The fund will follow the bottom-up approach to build the portfolio without any investment style bias.

It seeks to invest in under priced opportunities in all segments of the market.

The fund reserves the mandate to use derivatives to the extent of 50 per cent of assets for hedging purposes.

The new fund is open from August 7 to September 8 and offers dividend and growth plans.

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