The Hindu Business Line : Fund Update

Principal PNB Asset Management Company has proposed amendments in the offer documents of Principal Global Opportunities Fund. The fund will be allocating at least 85 per cent of its assets into overseas mutual fund and the rest in money market securities. It also proposes to charge annual recurring expenses up to 0.75 per cent.

Principal PNB Asset Management Company has decided to restructure and re-strategise Principal Infrastructure and Services Industries Fund by changing its investment objective; asset allocation and name of the fund to Principal Services Industries Fund. These proposed changes will be in effect from August 26.

ING Vysya Mutual Fund has announced that it will be winding up ING Select Debt Fund by the following the procedure mentioned in SEBI (mutual fund) regulation. The fund was launched on September 12, 2004 and will be terminated by the first day of August 2008.

HSBC has appointed Mr Vikramaaditya as Chief Executive of its Indian Mutual Fund unit.

UTI Asset Management Company has declared a dividend of 25 per cent under its scheme UTI MNC Fund. The record date for the same is July 28.

Fidelity International’s Indian Asset Management Company announced the launch of its Fidelity Flexi Gilt Fund, an open ended gilt scheme that aims to generate sovereign linked returns primarily through investments in securities issued by the Central and State Government or any security unconditionally guaranteed by both the Governments. The new fund offers closes on July 31.

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