The Hindu Business Line : Special Situations Fund from Birla Sun Life

Birla Sun Life is launching a Special Situations Fund on December 17 that will hunt for contrarian opportunities in the stock market. The fund will invest at least 80 per cent of its corpus in equities. Events such as M&A, private equity infusion, de-mergers and open offers will be some of the “special situations” sought after by the fund. The offer is open until January 15.

Reliance Capital Asset Management has inducted Eton Park, a global institutional investor, as a strategic investor in the AMC. The investor has acquired a 5 per cent stake in the fund house for Rs.501 crore. This deal values Reliance’s mutual fund arm at about 13 per cent of its assets under management. Earlier deals in the mutual fund industry have taken place at valuations of between 4 per cent and 8 per cent of the assets under management.

UTI Mutual Fund has entered into a strategic tie-up with Citibank N.A. for distribution of its products. Under the agreement, Citibank N.A. will offer UTI MF’s schemes across the bank’s branches.

Taurus Mutual Fund has revised the asset allocation for its Libra Tax Shield Scheme. The allocation to equity and equity related securities has been changed from the existing 80- 85 per cent to 80-100 per cent, while the allocation to debt and money market securities remains the same. This change in asset allocation would come into effect from December 17.

ABN AMRO Mutual Fund has announced a dividend of 60 per cent (Rs 6 per unit on the face value of Rs 10) under ABN AMRO Equity Fund. The record date for the dividend is December 18.

Standard Chartered Mutual Fund has announced December 18 as the record date for declaration of dividend under the retail and institutional plans of Standard Chartered Quarterly Interval Fund – Plan A. The AMC plans to distribute the entire appreciation in the NAV as dividend.

Banks have been advised to be cautious in granting loans to mutual funds, except to tide over temporary liquidity requirements. The RBI has said that such loans will now be treated as capital market exposure on bank balance sheets.

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