The Hindu Business Line : Update

SBI Mutual Fund has revised the asset allocation of SBI Magnum Midcap Fund. As per the revision, the fund house has increased the investment limit in the stocks other than the midcaps companies from the present 10 per cent to 20 per cent

Further the fund house has announced that the investors who do not agree with the change in the scheme can redeem their units without any exit load from 1 May 2008 to 30 May 2008. All the other features and conditions of the scheme remain unchanged.

ING Mutual Fund has announced the merger of ING L.I.O.N. Fund with ING Core Equity Fund due to their similar investment characteristics. The Bonus option of the L.I.O.N. Fund will be merged into its Growth option and subsequently respective options of this fund will be merged with those of ING Core Equity Fund. Investment objective and the asset allocation pattern of the Core Equity Fund will remain the same. Investors who do not approve of the merger may exit from these funds between April 24 and May 23, 2008 without paying any exit load.

SBI Mutual Fund has announced a revision in the exit load structure of the following funds. Magnum Balanced, Magnum Equity, Magnum Multiplier plus 1993, Magnum Global, Magnum Midcap, Magnum COMMA, Magnum FMCG, Magnum IT, Magnum Pharma,Magnum Contra, Magnum Emerging Business, Magnum Multicap, SBI Blue Chip and magnum NRI Investment Fund (Flexi Asset Plan). Currently, these schemes charge an exit load of 1 per cent for investments below Rs 5 crore if redeemed within six months.

With effect from April 28, for investments less than Rs 5 crore, an exit load of 1 per cent will be charged if redeemed within six months and an exit load 0.5 per cent will be charged if redeemed after 6 months but before 12 months from the date of allotment. For Magnum Index Fund, an exit load of 0.5 per cent will be charged for investments less than Rs 50 lakh.

Edelweiss is planning to launch its mutual fund business by June this year. The financial services company will start with an authorised capital of Rs 25 crore. Edelweiss Chairman and CEO, Mr Rashesh Shah, hopeful that the AMC will be operational by the end of this June quarter subject to approval from SEBI. To begin with the company is planning a slew of new innovative products such as specific-segmented funds targeted at high net worth investors (HNIs) and education sector.

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