Kotak Equity Fund of Funds will be rechristened as Kotak Asset Allocator Fund with effect from September 20. Following the name change, the fund’s investment objective will also be modified. The fund will now seek to generate long-term capital appreciation by investing in specified open-ended equity and debt schemes of Kotak Mutual Fund. The equity allocation will be based on a combination of trailing PE ratio of CNX Nifty, Yield Gap Analysis and Momentum of CNX Nifty. Its performance will now be benchmarked to the CRISIL Balanced Fund Index.

New Religare fund

Religare Invesco MF has launched its Corporate Bond Opportunities Fund, an open-ended scheme which seeks to generate returns by investing predominantly in the corporate debt securities of public and private sector companies. The fund will largely invest in bonds of varying maturities with credit rating ranging between AAA and A- (minus). Its performance will be benchmarked to a customised index which will constitute CRISIL AAA Long-Term Bond Index (32.5 per cent), CRISIL AAA Short-term Bond Index (32.5 per cent), CRISIL AA Long-Term Bond Index (17.5 per cent) and CRISIL AA Short-Term Bond Index (17.5 per cent). Interested? You can buy units at par value of ₹10 on or before August 28, 2014. You will have to invest a minimum of ₹5,000 in the fund. If you miss this, you can still buy the units at the prevailing NAV, after five business days from the date of allotment.

IPO nod likely

The Finance Ministry may give in-principle approval for the IPO of UTI Mutual Fund. Currently, State Bank of India, Punjab National Bank, Bank of Baroda and LIC jointly own 74 per cent stake in the fund house while the remaining 26 per cent stake is held by T Rowe Price, a US-based investment firm. UTI MF’s average assets under management for the April-June period stood at ₹79,441 crore.

Rollover of funds

HSBC Mutual Fund has announced the rollover of HSBC Fixed Term Series 94, a close ended income scheme. The scheme, which was slated to mature on August 25, will be rolled over for a period of 793 days. The scheme will mature on October 26, 2016.