LIC Mutual Fund Trustee Company and LIC Mutual Fund Asset Management Company have entered a joint venture with Nomura Asset Management Company Ltd
LIC Mutual Fund and Nomura have launched LIC Nomura Mutual Fund. LIC Mutual Fund Trustee Company Pvt Ltd and LIC Mutual Fund Asset Management Company Ltd (LIC MF) have entered a joint venture with Nomura Asset Management Company Ltd.
This is pursuant to Nomura having acquired 35% of the fully paid-up equity share capital of both LIC MF and the Trustee Company. LIC Mutual Fund Trustee has now been renamed LIC Nomura Mutual Fund Trustee, while LIC Mutual Fund Asset Management Company will now be known as LIC Nomura Mutual Fund Asset Management Company.
"This partnership will help the investors in our mutual fund as they will get the benefit of the expertise and global experience of Nomura along with the well established trustworthiness of the LIC name," said TS Vijayan, chairman, LIC Nomura Mutual Fund Asset Management Company.
Nomura will also provide and gain for LIC Nomura MF AMC its expertise on matters such as structuring the nature and standards of operations for risk management, equity/debt/investment research, information technology operations, compliance and distribution of LIC Nomura MF products.
SBI Mutual Fund new issue closes on 5th April
SBI Mutual Fund has launched SBI Debt Fund Series-370 Days-13, a close ended debt scheme. The tenor of the scheme is 370 days. The new issue opens and closes subscription on 5 April 2011.
The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, PSU & corporate bonds and money market instruments maturing on or before the maturity of the scheme. Entry load and exit load charge will be nil for the scheme.
The minimum investment amount is Rs5,000. The fund seeks to collect a minimum subscription amount of Rs1 crore during the NFO period. CRISIL Short Term Bond Fund Index is the benchmark index.
Canara Robeco Mutual Fund new issue closes on 15th April
Canara Robeco Mutual Fund has launched Canara Robeco Yield Advantage Fund, an open-ended income scheme.
The investment objective of the scheme is to generate regular income by investing in a wide range of debt securities and money market instruments of various maturities and risk profile and a small portion of investment in equity and equity related instruments.
The new issue closes on 15th April. The minimum investment amount is Rs5,000.
CRISIL MIP Blended Index is the benchmark index. Ritesh Jain, head-fixed income, is the fund manager.