Axis MF floats Capital Protection Oriented Fund-Series 4

Axis MF new issue closes on 2nd February

Axis Mutual Fund has launched Axis Capital Protection Oriented Fund-Series 4, a close-ended income scheme.

The investment objective of the scheme is to protect the capital by investing in a portfolio of debt & money market instruments that are maturing on or before the maturity of the Scheme. The scheme also aims to provide capital appreciation through exposure in equity & equity related instruments. The tenure of the scheme is three years.

The new issue closes on 2nd February. The minimum investment amount is Rs5,000.

Crisil MIP Blended Index is the benchmark index. R Sivakumar and Sudhansh Asthana are the fund managers.


Nissan Life to acquire 26% stake in Reliance Capital Asset Mgmt

Nippon Life Insurance Company today signed a MoU with Reliance Capital for acquiring 26% stake in the Anil Ambani Group firm’s fund management unit, Reliance Capital Asset Management Company for Rs1,450 crore. The deal pegs the valuation of Reliance Capital Asset Management at around Rs5,600 crore ($1.1 billion)

New Delhi: In the largest foreign direct investment (FDI) in the Indian mutual funds space, Japan’s Nippon Life Insurance Co will acquire a 26% stake in Reliance Capital Asset Management for Rs1,450 crore ($290 million), reports PTI.

Nippon Life Insurance Company, also called Nissay, today signed a Memorandum of Understanding (MoU) with Reliance Capital for acquiring the stake in the Anil Ambani Group firm’s fund management unit, Reliance Capital Asset Management Company, the company said in a statement.

The transaction pegs the valuation of Reliance Capital Asset Management at around Rs5,600 crore ($1.1 billion).

Commenting on the development, Reliance Capital chairman Anil D Ambani said: “We are delighted to have Nippon as our strategic partners in the mutual fund business. They are already our partners in the life insurance business.”

This is the largest FDI deal in any Indian asset management company till date.

“This investment is our second capital alliance with Reliance Group following the investment in Reliance Life last year. Through this investment, we believe that we can strengthen our business relationship with Reliance Group,” Nippon Life president Yoshinobu Tsutsui said.

This deal further expands Reliance Capital’s partnership with Nippon Life. In October last year, Reliance Capital completed a 26% stake sale in life insurance venture Reliance Life to Nippon Life for over Rs3,000 crore.

Cheering the deal, shares of Reliance Capital advanced by 5.09% to Rs334.05 apiece on the BSE. They were later trading at Rs331.80, up 4.39%, at 1350 hours.

In September last year, Reliance Capital and Nippon signed a MoU for strengthening the business relationship between the two companies, including a strategic partnership across all Reliance Capital-promoted financial businesses.

Reliance Capital has interests in telecom, power, entertainment and infrastructure, among other businesses.

Reliance Capital Asset Management (RCAM) is the second-largest asset management company in India in terms of assets under management, with a market share of 13%.

It managed Rs93,148 crore ($19 billion) as of 30 September 2011, across mutual funds, managed accounts and hedge funds. The average assets under management of RCAM for the quarter ended 30 September 2011, stood at Rs90,661 crore ($18.5 billion).
Nippon Life is a Fortune 100 company and the seventh-largest life insurer in the world. It is a leading private life insurer in Asia and Japan.

Some of the other major deals in the Indian fund management space in recent times include global investment fund T Rowe Price’s acquisition of a 26% stake in UTI Asset Management for $142.4 million and LIC Mutual Fund’s 35% stake sale to Japanese Asset Management company Nomura for $62.8 million.


Godrej Properties announces change in leadership

Pirojsha Godrej will take over as managing director on 1 April 2012

Godrej Properties Ltd has announced Pirojsha Godrej as the managing director and chief executive officer of the company with effect from 1 April 2012. Milind Korde, GPL’s current Managing Director, has resigned for personal reasons and will step down as Managing Director on March 31st 2012. Milind will continue to support Godrej Properties in the role of Senior Advisor to the company.

Pirojsha has been closely involved in the strategy and operations of Godrej Properties since he first joined the company in 2004. He spearheaded the very successful IPO of Godrej Properties in 2009. GPL has significantly outperformed both the market and its peers in the real estate sector in the 2 years that it has been publicly listed. He has a Bachelors degree in Economics from the Wharton School, University of Pennsylvania, a Masters in International Affairs from Columbia University, and a Masters in Business Administration from Columbia Business School.

Additionally, V. Srinivasan who is currently CFO and company secretary at Godrej Industries has been appointed Executive Director of Godrej Properties with effect from April 1st, 2012. Srinivasan began his career in 1989 as an Executive Trainee at the erstwhile Godrej Soaps, and has progressed to roles of increasing responsibility within the Godrej Group. He has headed the Finance and Systems functions at Godrej Agrovet and has handled various responsibilities in the group including information systems. A chartered accountant and company secretary by qualification, he has also completed middle and senior management courses at IIM, Ahmedabad and the University of Michigan respectively.


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