The Hindu Business Line : Fund Update

AIG Mutual Fund has announced changes in the load structure for the SIP / STP of its open- ended equity schemes; AIG India Equity Fund, AIG Infrastructure and Economic Reform Fund and AIG World Gold Fund. According to the revised structure, the schemes will charge an entry load of 2.25 per cent. Earlier, the schemes had an entry load of 1.25 per cent. Furthermore, an exit load of 1 per cent will be charged if the units are redeemed within one year from the date of allotment. All the other terms and conditions remain unchanged. These changes will effect from June 1.

Reliance Mutual Fund has introduced an add-on feature to 10 of their existing schemes. ‘Reliance SIP Insure’ is to encourage investors to save and invest regularly through systematic investment plan to achieve their financial objective even in the unfortunate event of death before completing the SIP tenure.

The balance amount towards the SIP instalments remaining unpaid shall be made from the life insurance cover and nominee would able to continue investing in the scheme without making any further contribution. The cost of insurance premium will be borne by the AMC.

The following schemes will offer the SIP Insure. Reliance Growth, Reliance Vision, Reliance Diversified Power, Reliance Regular Saving Equity, Reliance Banking, Reliance Pharma, Reliance Equity, Reliance Equity Opportunities, Reliance Media and Entertainment and Reliance Equity Advantage.

Lotus India Mutual Fund has launched the Lotus India Banking Fund. The investment objective of the scheme is to generate long –term capital growth from the portfolio of equity and equity related securities of companies engaged in the business of banking and financial services.

The fund will invest 65-100 per cent of the assets in stocks constituents of CNX Bank Index.0-35 per cent of the assets will be invested in companies other than the constituents of CNX Bank. Investments to debt and money market instruments will be 0-35 per cent. During the NFO the fund will charge an entry load of 2.25 per cent for the investments up to Rs 5 crore.

The fund will charge an exit load of one per cent if the redeemed within 6 months from the date of allotment. It will be 0.6 per cent if redeemed within one year. The fund will be managed by Mr Tridib Pathak. The NFO closes on June 17.

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