AIMA elects Rajiv Vastupal as president

Rajiv Vastupal’s focus would be to affiliate with more local management associations

All India Management Association (AIMA), the apex body of the management profession announced the appointment of its new president, Sr vice-president, vice president and treasurer. After 20 years, once again, AIMA's newly elected president, Rajiv Vastupal, is from Gujarat. AIMA has witnessed a good leadership of Gautam Thapar and now Mr Vastupal will lead the organisation's mission by working with a highly experienced and dedicated team of senior officials that will further help building managerial excellence in India.

Rajiv Vastupal is chairman & managing director of Rajiv Petrochemicals Pvt Ltd, a flagship company of Rajiv Group, involved in various manufacturing products of woven sacks, electrical lighting, panels and specialty chemicals. In addition to that he also heads an agency house that imports and exports the PE, PP & PVC products, being an agency of Haldia, Finolex, LG, Jindal etc. It has offices & plants at multi-locations.

Mr Vastupal is a philanthropist and he contributes to several charities in Gujarat. He has been a president of the Ahmedabad Management Association and founder member of YPO, Gujarat. Rajiv Vastupal, President-AIMA, said, "My focus as AIMA President would be on enhancing and building the AIMA brand by consolidating its inherent strengths while establishing new avenues and platforms to augment reach. I would also make concerted efforts to strengthen the AIMA LMA network by increased interactions and simultaneously develop and affiliate with new Local Management Associations."

While speaking at a press conference at Ahmedabad, Mr Vastupal announced the launch of the first computer based test of the AIMA's much awaited Management Aptitude and Skills Test (MAST). With this launch AIMA has expanded its portfolio and presence in the management domain. The first MAST, held on 25 September 2011 across the country, promises to be an enterprising example of providing a level playing field for management students.

AIMA has developed MAST in consultation with HR departments of many renowned companies, including Maruti Suzuki, Nokia, Tata Communications, Moser Baer, and Max India. The test has been endorsed by top companies including Britannia, Nokia, SBI Life, Religare, CMC, HDFC Standard Life, JK Cement, Parle, Suzlon, Moser Baer, Wills Lifestyle and Triveni Engineering.

The other new office bearers of AIMA include D Shivakumar who takes over as senior vice president of AIMA and Dr Preetha Reddy as Vice President of AIMA.

Mr Vastupal shared that AIMA has started the process of setting up a national network of AIMA Centres. The organization has opened its first AIMA office outside Delhi in Bengaluru. He revealed that AIMA plans to set up centres in Pune and Kolkata soon, to have a presence in all regions. These centres will work with the regional industry, Institutes and governments to improve the management standards and practices in their catchment areas, he added.

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DWS Investments launches DWS Fixed Term Fund Series 91

DWS Fixed Term Fund Series 91 closes on 18th October

DWS Investments has launched DWS Fixed Term Fund Series 91, a close-ended debt fund.

The objective of this close ended debt fund is to generate income by investing in debt and money market instruments maturing on or before the date of maturity of the scheme. The tenure of the scheme is 3 years.

The new issue closes on 18 October 2011. The minimum investment amount is Rs5,000. CRISIL Short Term Bond Index is the benchmark index.

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Motilal Oswal launches ETF of liquid funds

It’s a trading product, meant for the big boys

Motilal Oswal has filed an offer document with SEBI (the Securities and Exchange Board of India) to launch the Motilal Oswal MOSt Liquid Shares ETF. It is the second of its kind. Goldman Sachs GS Liquid BeES was the first Liquid ETF (Exchange Traded Fund).  

The investment objective of the scheme is to enhance returns and minimise price risk by investing in a basket of call money, short-term government securities and money-market instruments of short- and medium-maturities while maintaining safety and liquidity. The scheme will be listed on the National Stock Exchange and the Bombay Stock Exchange.

The scheme offers only daily dividend re-investment option. It will be benchmarked to the CRISIL Liquid Fund Index.

ETFs charge a maximum of 1.5%, as against 2.25% by actively-managed funds. But while actively-managed funds have higher charges, most of them are not known to have beaten their benchmarks. This is the principal reason why index funds or ETFs are a preferred option. In effect, on lower costs, the returns are higher and volatility is also lower.

On the flip side, these liquid ETFs have not proven themselves. The first liquid ETF launched by Benchmark (now Goldman Sachs) was launched in 2003. It has been able to give a compounded return of only 5% in the last 8 years. In such kind of schemes, you just have to buy and sell at the right time. It is all about market timing.

The minimum application amount for the scheme is Rs10,000 and in multiples of Rs1. Minimum target amount is Rs1 crore under the scheme.

The scheme will invest 20%-100% of assets in CBLO, T-Bills, CMBs, repos with low risk profile and invest up to 80% in CDs with low- to medium-risk profile. The scheme will make investment in/purchase debt and money market securities with maturity of up to 91 days only. The fund manager of the scheme is Abhiroop Mukherjee.

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