Mutual fund lines up offers
India’s first Multi Manager Equity Fund was announced by ING Group subsidiary Optimix to be managed on the basis of advice received from a panel of third party investment advisors. Investment advisors can be a Portfolio Management Service Manager or a Mutual Fund Manager.
Mugunthan Siva, Chief Investment Officer of Optimix said that Optimix would manage the fund on the basis of mandate based advice received from a panel of third party investment advisors who would be selected by Optimix Investment team. He said that the funds would remain with the custodian appointed by Optimix and investment calls would be taken only by the Optimix Investment team.
Mutual fund houses of Franklin Templeton, Sundaram BNP and Prudential ICICI have been mandated to provide advisory service. The investment advisors will advise Optimix on securities selection and portfolio construction for which the company will pay consultancy fee to such advisors.
Dubai UTI Mutual Fund has announced the launch of UTI Gold Exchange Traded Fund (GETF) for a cost efficient and secure way to access the gold market. U.K.Sinha, CMD, UTI AMC, said that the investors could buy and sell as little as one unit of the scheme on NSE once the scheme was listed.
The launch of JM Small and Mid-Cap Fund has been announced by JM Financial Mutual Fund. This is its first offer after break-up with Morgan Stanley. Nimesh Kampani, chairman of JM Financial Mutual Fund said that they had focused more in debt funds but then they were giving new thrust to equity by rebuilding their marketing team. The fund scheduled to open for subscription from March 9 would mainly invest in small and mid-cap stocks.
