DSP BlackRock MF launches DSP BlackRock World Agriculture Fund

DSP BlackRock World Agriculture Fund closes 14th October.

DSP BlackRock Mutual Fund has launched DSP BlackRock World Agriculture Fund, an open-ended fund of funds-overseas scheme.

The investment objective of the scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds World Agriculture Fund (BGF - WAF). The Scheme may, at the discretion of the investment manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus.

The exit load, when the holding period from date of allotment is less than 12 months, is 1%. When the holding period is 12 months and longer, the exit load is nil.

The new issue closes on 14 October 2011.  

The minimum investment amount is Rs5,000 and in multiples of Re1 thereafter.

The benchmark for comparing the performance of the scheme is the DAX Global Agribusiness Index. Mehul Jani (dedicated fund manager for overseas investments) is the fund manager.

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Axis Mutual Fund launches Gold Fund

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.

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Nikko AM completes acquisition of DBS Asset Management

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.

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