ABN AMRO MF reshuffles Fund Management Team

ABN AMRO Mutual Fund has announced changes in its fund management team. As per the proposed changes, Ms. Sukanya Ghosh has been appointed as a fund manager, in place of Mr. R. Siva Kumar, for all overseas investments by schemes of ABN AMRO Mutual Fund including ABN Amro China India Fund. Mr. K. C. Reddy will be the fund manager of ABN AMRO Opportunities Fund and ABN AMRO Future Leaders Fund. Mr. Amit Nigam and Mr. R.K. Siva Kumar will take charge of all series of ABN AMRO Multi Managers Fund. Mr. Alok Singh will manage fixed Income Portfolio of ABN AMRO Monthly Income Plan. Mr. Amit Nigam will join Ms. Sukanya Ghosh to manage its ABN AMRO China India Fund. All the above-mentioned changes will be effective from 16 June 2008.

Century SIP’ launched by Birla Sun Life MF

The Birla Sun Life MF launched Century SIP, an investment plan with minimum investment of Rs 1000 per month plus a life insurance cover of up to 100 times of the monthly installment and upto the maximum cover of Rs 20 lacs. This plan comes along with free term insurance for an individual up to 55 years of age. Any individual between 18 to 46 years of age may invest in this plan through Electronic clearing system (ECS), direct debits or post dated cheques. The life insurance cover comes without an extra cost to the investor. The investor is not required to go through any medical test to avail life cover.The investor needs to enroll for CSIP & sign a “Declaration of Good Health”. In case of unfortunate demise of investor the insurance claim will be directly paid to the nominee by the insurance company (Birla Sun Life Insurance Company).

DSP Merrill inks pact with South Indian Bank

Leading asset management company DSP Merrill Lynch Fund Managers and South Indian Bank have entered into a strategic partnership for distribution of products.

Under the agreement, South Indian Bank will distribute DSP Merrill Lynch Mutual Fund schemes through its selected branches spread across the country.

Presently, South Indian Bank has got 503 branches and 229 ATMs across 23 states.

According to market experts, the strong presence of SIB in South India would make distribution of MF more effective in the Southern cities. The technological advancement of SIB has also been considered as added boon to its retail and corporate customers for direct investment in MF through net banking.

Geojit inks pact with UTI Mutual Fund; to offer Retirement Solutions

Geojit Financial Services has informed that it has entered into an agreement with UTI Mutual Fund. Under the deal, Geojit Financial Services will offer UTI Retirement Benefit Pension Fund to its employees as a retirement solution.

As per the agreement, every month employees will contribute a minimum amount of Rs 500/- towards

UTI-Retirement Benefit Pension Fund up to the age of 55 years so as to enable them to receive pension in the form of periodical income / cashflow after they reach the age of 58 years.

Bajaj Finserve to list on bourses on May 26; plans to enter AMC biz

Bajaj Finserve, Rahul Bajaj's new firm, will be listed on the bourses on Monday (May 26, 2008). Bajaj Finserve comprises of financial services and wind farm businesses of Bajaj Auto and has a significant presence in insurance, consumer finance and distribution space.

Apart for this, it has been learnt that Bajaj Finserve is mulling an entry into the mutual fund business, for which Bajaj group is in talks with Allianz group.

In the proposed asset management company (AMC) venture, the Allianz group will pick up a majority 51 per cent stake while three unnamed banks will pick up to 3 percent stake each. The balance 40 percent stake will be held by Bajaj Finserve.