The Hindu Business Line : Fund Update

ICICI Prudential Asset Management Co Ltd has announced the resignation of its MD and CEO Mr Pankaj Razdan and its non-executive and non-whole time director Mr Ajay Srinivasan.

The board has appointed Chief Investment Officer Mr Nilesh Shah as the Deputy Managing Director and CIO.

Mr Nilesh Shah joined ICICI Prudential Mutual Fund as Chief Investment Officer in June 2004.

Bank of India has entered into an alliance with ING Investment Management to distribute its mutual fund schemes. The bank will offer the entire bouquet of ING mutual fund products through its branches. The bank has already tied with th ree other mutual fund companies to distribute their products.

Sundaram BNP Paribas has launched an international fund - Sundaram BNP Paribas Global Advantage Fund.

The objective of the fund is to invest in emerging markets equity, commodities and real estate.

The fund will draw on the expertise and global reach of the BNP Paribas Investments partners. As an initial allocation strategy, the fund will adopt a neutral stance on emerging markets as an asset class.

It will be underweight Asia and overweight Latin America.

The fund will also be overweight on commodities. Exposure to real estate will be less than what it would be in a neutral environment indicating a slightly negative stance relative to emerging markets and commodities. Minimum one time investment is Rs 5,000.

The fund would charge an entry load of 2.75 per cent for investments of less than Rs 2 crore and there will be no entry load above this limit.

An exit load of 1.5 per cent will be charged if funds are redeemed or switched out within one year from allotment.

The scheme has two options growth and dividend. Under the dividend, payout and reinvestment options are available.

Sundaram BNP Paribas Global Advantage is a non-equity scheme. Tax will be payable at the following rates.

If it’s held for less than a year, tax will be chargeable based on the investor’s tax slab.

If the holding period were more than one year the tax rate would be charged at 10 per cent without indexation and 20 per cent with indexation. The NFO will close on July 31.

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