IIFL Mutual Fund launches IIFL Nifty ETF

IIFL Mutual Fund new issue closes on 12 October 2011

IIFL Mutual Fund has launched IIFL Nifty ETF, an open-ended scheme.

The investment objective of the scheme is to provide returns (before fees and expenses) that closely correspond to the total return of the S&P CNX Nifty Index subject, to tracking errors.

The new issue closes on 12 October 2011. The minimum investment amount is Rs5000. Manish Bandi is the fund manager of the Scheme.

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Mahindra Finance enters reinsurance broking business

Mahindra Finance has received approval from IRDA to enter reinsurance broking business

Mahindra Insurance Brokers Ltd (MIBL), a 100% subsidiary company of Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), has received approval from the Insurance Regulatory and Development Authority (IRDA) to enter the reinsurance broking business. MIBL has been in the direct broking business since May 2004 and has now been granted the composite broking licence, allowing the company to also undertake reinsurance broking.

Ramesh Iyer, managing director, Mahindra Finance, and director, MIBL, said, "We see the potential of India to emerge as a strong Asian reinsurance hub by the turn of the decade, and we would like to play a key role in shaping this vision."

Dr Jaideep Devare managing director, MIBL, said, "We will continue to deliver innovative and customisd solutions to our customers, and will invest in expertise, skill and tools that would be required to become a significant player in the market. We have already hired a team of reinsurance professionals with rich Indian and international experience." 

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BNP Paribas MF expands equities fund management team

Apurva Shah and Abhijeet Dey appointed to BNP Paribas Mutual Fund equities fund management team to enhance its research capabilities

BNP Paribas Mutual Fund continues to expand its equities fund management team with the addition of two senior members to enhance its research capabilities.

Apurva Shah has joined the team as head-investment research and will head a team of analysts across asset classes. Shah was the head of research-institutional equities at Prabhudas Lilladher leading an 18-member research team and has over a decade of experience in the Indian equity markets first as an analyst covering various sectors and then as a strategist covering market overall. Through his career, he has covered sectors as varied as technology, media and financials. Shah is a CFA charter, a post graduate degree in management from Mumbai University and an engineer from Poona University.

Abhijeet Dey, with over 10 years of experience, has also joined the team as a senior research analyst. In his previous assignment, Dey was a senior research analyst at Kotak Mahindra AMC. Dey has a master's degree in management and is an engineer from Mumbai University.

Announcing these appointments Nikhil Johri, managing director, BNP Paribas Asset Management said, "We are delighted to welcome Apurva and Abhijeet to our team and are sure that their expertise and experience will add a lot of value to the performance track record of our funds."

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