The Hindu Business Line : Update

HSBC Mutual has launched a close-ended fund, HSBC Unique Opportunities, which will be converted into an open-ended fund after a period of three years. The fund seeks to invest in companies that face "out of ordinary situations" such as turnaround, financial restructuring and mergers and acquisitions.

The fund will invest 65-100 per cent in equity and equity related instruments and 0-35 per cent in debt. The minimum application amount is Rs 10,000 and multiples of Rs 1000 thereafter. Since the fund is close-ended, the subscription is available only during the new fund offer period. For redemptions made before the tenure period, proportionate unamortised initial issue expenses will be charged. The new fund offer is open from February 02-22. The fund load will start once converted into an open-ended scheme.

ABN Amro Mutual has launched Multi Manager Fund -Series 2B. This close-ended Fund of Funds scheme plans to invest in a portfolio of equity funds and liquid, short term/floating rate schemes of mutual funds. The offer is open from February 09-28. Minimum application is Rs 25000.

SBI Mutual has come up with a 15-month debt fund under the SBI Debt Fund series. The fund will invest in AAA/AA+ rated Government, call and money market securities. Minimum investment in the fund is Rs 50000. an exit load of 0.75 per cent will be charged for redemptions before made before maturity. The initial offer is open from February 09-19.

Birla Sunlife Mutual has launched one more fund under its FMP series called Birla Fixed Term Plan - Half Yearly Series 2. The new fund offer is open from February 8-12. The fund will mature on August 13, 2007. Minimum subscription is Rs 5,000. Redemptions made before maturity will be charged an exit load of 0.5 per cent.

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