Axis Gold Fund offer closes 14th October.
Axis Mutual Fund has launched Axis Gold Fund, an open-ended fund of funds - domestic scheme.
The investment objective of the scheme is to generate returns that closely correspond to returns generated by Axis Gold ETF. The new issue closes on 14 October 2011.
The minimum investment amount is Rs5,000 and in multiples of Re1 thereafter.
The exit load is 1% if redeemed/switched out within 1 year from date of allotment.
The domestic price of gold is the benchmark. Anurag Mittal is the fund manager.
DBSAM Singapore is to be renamed Nikko Asset Management Asia Ltd. Nikko AM becomes Asia’s largest regional asset manager
Nikko Asset Management Group (Nikko AM) has successfully completed its acquisition of DBS Asset Management Ltd (DBSAM), one of the leading investment management firms in Southeast Asia, from DBS Bank Ltd (DBS). The transaction boosts Nikko AM's assets under management by $7.9 billion to over $165 billion and establishes Nikko AM as the largest regional asset manager headquartered in Asia.
DBS has in turn acquired a 7.25% interest of the enlarged Nikko AM, forming a strategic alliance between the two companies. DBS and Nikko AM have entered into a non-exclusive distribution agreement through which Nikko AM's investment products can be distributed through DBS' network of core markets in the region. This arrangement brings together two award-winning firms with complementary strengths across products, investment platforms and distribution channels.
Employees of Nikko AM's subsidiary in Singapore, Nikko Asset Management Singapore Ltd (NAMS), will transfer to DBSAM within the next few weeks. DBSAM will be renamed as Nikko Asset Management Asia Ltd (Nikko AM Asia) on or around October 17, and will provide broad investment management expertise across Asian Equities and Asian Fixed Income.
Under the terms of the agreement with DBS, Nikko AM has acquired 100% of DBSAM, the asset management subsidiary of DBS and a 30% stake in Hwang-DBS Investment Management Berhad (HDBS IM), Malaysia's independent fund management firm. Nikko AM has also acquired a 51% stake in Asian Islamic Investment Management Sdn. Bhd. (AIIMAN) and 100% of DBSAM's Hong Kong subsidiary.
DBSAM's 33% stake in the Chinese fund manager Changsheng Fund Management is not part of the transaction and has been transferred to DBS. Nikko AM already has a strong presence in China, via its 40% ownership of Rongtong Fund Management, the 7th largest Sino-foreign joint venture fund management group in China.
Investments are to come from Intel Capital’s $250 million India Technology Fund
Intel Capital, Intel's global investment organisation, plans to invest approximately US$20million, in six Indian companies. The investments are part of Intel Capital's ongoing efforts to support Indian technology innovation and entrepreneurship.
The six companies that Intel Capital plans to invest in are: Saankhya Labs Pvt. Ltd., a fabless semiconductor company; Testing Czars, a global independent test engineering and solutions provider for mobile applications; Financial Inclusion Network and Operations (FINO), a business and banking technology platform provider with an extensive services delivery channel; What's on India Pvt Ltd, India's premier electronic programming guide for television; enStage, an electronic payment solutions and processing provider; DURON Energy Pvt Ltd, a pioneer in affordable solar power products designed for off-grid use in emerging markets.
Three investments - Saankhya Labs, Testing Czars, and FINO - have been completed. Intel Capital has signed investment agreements with What's on India, enStage and DURON Energy. Details of these six investments, including the amount to be invested in each company were not disclosed.
Funding for the investments announced by Intel Capital comes from the US$250 million Intel Capital India Technology Fund established in December 2005. This fund invests in Indian technology companies to stimulate local innovation and the continued growth of India's information technology industry.