HDFC Mutual Fund has recently launched HDFC Arbitrage Fund, an open-ended equity scheme.
The fund seeks to generate income by investing predominantly in arbitrage opportunities between the cash and derivative segment and also by deploying surplus cash in debt securities and money market instruments.
The fund plans to allocate 65-90 per cent in equity and 10-35 per cent in debt. The allocation for derivatives will also be in the 65-90 per cent range.
Asset allocation under defensive circumstances, in debt and money markets will be 35-100 per cent. While there will be no entry load, the fund will charge an exit load of 0.50 per cent if the units are redeemed or switched out within three months from the date of allotment. The fund will be managed by Mr Anil Bamboli and Mr Anand Laddha.
The NFO closes for subscription on October 15. The fund will be benchmarked against Crisil Liquid Fund Index.
HSBC Investment has launched HSBC SIP Plus, a systematic investment plan offer which also provides investors with a free critical illness cover with no medicals required. HSBC Mutual Fund has tied up with ICICI Lombard.
The critical illness cover is provided on the basis of diagnosis only. It also offers additional personal accidental death and accidental permanent total disability cover.
These facilities are provided without any additional cost to the investors.
The sum assured is equal to the total sum of SIP investment for the entire period. The SIP plus can be availed of with all the open-ended equity schemes of HSBC Mutual Fund.
ICICI Prudential Mutual Fund has revised the load structure under ICICI Prudential Infrastructure Fund, ICICI Prudential Dynamic Plan and ICICI Prudential Equity and Derivatives Fund – Wealth Optimiser Plan with effect from October 8.
The fund will charge an exit load of 0.50 per cent if redemption is made within six months from the date of allotment.
The entry load structure remains unchanged.