The Hindu Business Line : Fund Update

Infrastructure Development Finance Company (IDFC) has acquired a 100-per cent stake in Standard Chartered Asset Management Company and Standard Chartered Trustee Company for $205 million (Rs 830 crore). The two acquired companies represent the mutual fund business of Standard Chartered PLC in India.

At the above price, the fund house is valued at 6 per cent of its total assets and about 20 per cent of its equity assets under management.

The transaction is subject to regulatory approvals, which are expected to be completed by the second quarter of 2008.

Tata Infrastructure Fund has declared a dividend of 10 per cent. The record date is March 11.

Franklin India Flexi Cap has declared a dividend of 30 per cent, the record date is March 12.

Principal Mutual Fund announced a dividend of 42.5 per cent under the dividend option of Principal Resurgent India Equity Fund. The record date is March 10.

Morgan Stanley Mutual Fund has extended the offer period of Morgan Stanley A.C.E Fund by one day. Now the fund will close on March 11.

Mirae Asset Mutual Fund has announced to extend the NFO period of Mirae Asset India Opportunities Fund. Accordingly, the fund offer will close on March 11.

Birla Sun Life has announced that Mr Satyabrata Mohanty and Mr Maneesh Dangi have been elevated as Co-head, Fixed Income effective March 1.

Taurus Asset Management has appointed Mr Waqar Naqvi as the Chief Executive Officer. Prior to his appointment as CEO of Taurus AMC, Mr Naqvi was the Business Head of portfolio management services and offshore business for Birla Sun Life Asset Management Company.

Kotak Mahindra Asset Management Company has entered into a distribution tie-up with public sector bank Oriental Bank of Commerce.

Under the agreement OBC will offer the entire bouquet of Kotak Mutual’s products across the bank’s branches. Mr Sandesh Kirkire, CEO Kotak Mahindra AMC and Mr Alok Kumar Misra Chairman and MD, OBC signed the MOU.

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