Union KBC Mutual Fund floats Equity Fund

Union KBC Mutual Fund new issue opens on 20th May and closes on 3rd June

Union KBC Mutual Fund has launched Union KBC Equity Fund, an open-ended equity scheme. The new issue opens on 20th May and closes on 3rd June. The scheme re-opens on 17 June 2011.

The investment objective of the scheme is to achieve long-term capital appreciation by investing in equity and equity related securities. The scheme would allocate 75% to 100% of assets in equity and equity related instruments including equity linked derivatives with medium to high risk profile. On the other side it would allocate up to 25% of assets in debt and money market instruments with low to medium risk profile.

The minimum investment amount is Rs5,000. Benchmark index for the scheme is BSE-100. Ashish Ranawade will be the fund manager for the scheme.

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MasterCard announces top executive appointments to harness growth markets

Ajay Bhalla will move from division president for South East and South Asia to president of DataCash effective 6 June 2011, and will be based in the UK

MasterCard Worldwide has announced three key executive moves that demonstrate the company's ability to exploit new growth opportunities.   

Ajay Bhalla will move from division president for South East and South Asia to president of DataCash effective 6 June 2011, and will be based in the UK.

Matthew Driver will take on the role of division president, South East Asia with immediate effect, and will be responsible for leading MasterCard's business in Singapore, Malaysia, Thailand, the Philippines, Indonesia and Indochina.  

TV Seshadri will take up the position of general manager of South Asia and country president, India, responsible for promoting MasterCard's business in India, Sri Lanka, Bangladesh, Nepal, Bhutan and the Maldives. During his 14 years with MasterCard, Mr Seshadri has held several roles overseeing operations in South East Asia, and in country management in Singapore and South Asia. He has been credited with many successes, including spearheading the introduction of many innovative card products and new payment alternatives such as mobile commerce, as well as launching initiatives in e-commerce & chip design. 

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IDBI Federal Life Insurance launches ULIP

IDBI Federal Life Insurance has launched a single premium pension product on the unit-linked platform, dubbed IDBI Federal Retiresurance Milestone Pension Plan

IDBI Federal Life Insurance has launched a single premium pension product on the unit-linked platform, dubbed IDBI Federal Retiresurance Milestone Pension Plan.

The unit-linked pension plan will facilitate wealth building by offering a choice of guaranteed investment options for a secure life after retirement, IDBI Federal Life said in a statement.

IDBI Federal is a tripartite joint venture between state-run IDBI Bank, private lender Federal Bank and the Europe-based global insurance company Ageas.

The product offers a choice of two investment options-guaranteed return funds, which will invest in fixed income instruments, and guaranteed growth funds, which will invest in debt instruments and also a small portion in equity.

"With the increase in life expectancy, many Indians could be spending a good 20 to 25 years of their life in retirement... IDBI Federal visualises the dire need for building wealth to support their standard of living post-retirement as well," the IDBI Federal Life MD & CEO, GV Nageswara Rao, said.

Under the plan, policyholders can receive a part of the maturity benefit as a lumpsum and invest the remaining in an annuity, which will ensure regular income for life.

Alternatively, customers can purchase an annuity with the entire maturity benefit and get a higher and regular income for life.

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