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ICICI Prudential Mutual Fund’s new scheme, Multiple Yield Fund Series 7 - Plan C, is open for subscription. While the fund will invest predominantly in fixed income securities, it will also invest a portion of its assets in equity and related instruments.
The scheme will mature 1,825 days after the date of allotment. Though a close-ended scheme for which subscription ends on September 2, it will be listed on the NSE. Investors in the scheme can sell the units on the exchange to meet any financial contingency.
Meanwhile, JP Morgan India has filed the draft prospectus for its Economic Reforms and Infrastructure Fund. If you believe that the Government will pursue economic reforms, this is one fund you can watch out for.
The fund seeks to invest in sectors and stocks that will benefit from structural changes on account of changes in economic policies. The fund performance is proposed to be benchmarked to the BSE 200 Index and will be managed by Harshad Patwardhan and Karan Sikka.
Baroda Pioneer Mutual Fund has applied for SEBI approval for its new open-ended diversified equity scheme – Baroda Pioneer Equity Opportunities Fund. The CNX Nifty Junior Index will be the benchmark and the fund will be managed by Dipak Acharya.
Joining hands Taurus Mutual Fund has made public its decision to merge its open-ended Gilt Fund and Taurus Dynamic Income fund. The merger will be effective September 18. If you are unhappy with the merger, you can redeem your investment in the fund without having to pay any exit load anytime before September 17.
Union KBC Mutual Fund has announced the merger of the Conservative Plan of its Asset Allocation Fund with the Moderate Plan of the same fund. If you are an investor in this scheme and do not approve of the merger, you can choose to redeem your investment any time before September 30 without paying any exit load.
Passing the baton Canara Robeco Mutual Fund has announced a change in the fund manager for five of its fixed income schemes. Girish Hisaria is the new fund manager for Canara Robeco’s Gilt PGS, Dynamic Bond, Floating Rate Fund, Treasury Advantage Fund and Liquid Fund. These funds were managed by Avnish Jain until recently.
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