The Hindu Business Line : Fund Update

DSP Merrill Lynch Fund Managers plan to launch DSP Merrill Lynch Natural Resources and New Energy Fund. This open-ended equity scheme will invest in companies in natural resources, energy and new energy sectors. A minimum of 65 per cent will be invested in companies in Indian companies involved in the above sectors.

The scheme will also allow investments up to 35 per cent in Merrill Lynch International Investment Funds — New Energy Fund, Merrill Lynch International Investment Funds — World Energy Fund. The international exposure will be managed by the BlackRock Natural Resources team, which manages natural resources sector funds in excess of $42.2 billion.

The new fund offer is open from March 3-27. The minimum investment amount is Rs 5,000. For investment less than Rs 5 crore there will be an entry load of 2.25 per cent under the lump-sum investment and 1 per cent under the systematic investment plan.

Birla Sunlife Asset Management has appointed MR Anil Kumar as its new Chief Executive Officer. Mr Kumar was earlier with the retail banking division of Citibank NA.

AIG Investments has launched ‘AIG Short Term Fund’, an open-ended income scheme. The fund will seek to generate income through investing in short to medium-term debt and money market securities. The scheme offers both retail and institutional plans. The NFO is open from February 29 to March 4.

DSP Merrill Lynch has appointed Mr Kevan Watts as President. Mr Watts will work with Mr Hemendra Kothari, Chairman of DSP Merrill Lynch and the company’s senior management team.

Mr Watts’ previous roles at Merrill Lynch, spanning 27 years, include head of European investment banking, co-head of global investment banking, chairman of Asia Pacific, chairman of EMEA and chairman of Merrill Lynch International.

In an attempt to be make the standard warning issued by mutual funds in audio-visual advertisements more investor friendly, the Sebi has mandated that with effect from April 1, 2008, the time for display and voice-over of the standard warning be enhanced to five seconds in audio-visual advertisements.

In case of audio advertisements, the standard warning shall be read in an easily understandable manner over a period of five seconds.

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