SEBI Chief to address CII's Mutual Fund Summit 2009

Confederation of Indian Industry (CII) is organizing its 5th edition of national Mutual Fund Summit 2009 to be held on Wednesday, June 17th 2009 in Mumbai, under the chairmanship of Mr U K Sinha, Chairman, CII National Committee on Mutual Funds and Chairman & Managing Director of UTI Asset Management Company Limited.
Mr C B Bhave, Chairman, Securities & Exchange Board of India is the Chief Guest, will address the inaugural session and also release the CII-KPMG report.
This summit will also witness the release of the CII-KPMG report on Indian Mutual Fund Industry "The Future in a Dynamic Environment".
The Mutual Fund Summit will attempt to summarize the emerging opportunities in a challenging environment. It will also look at the implementation of new policies and new processes in the face of increased client expectations. The Summit will also aim to bring in global best practices and case studies from international markets.
The Summit would cover a wide range of topics of interest to stakeholders in the industry, including Towards Greater Retail Participation The Customer Centric View, Opportunities for Industry wide Transformation, The Manufacturer's Perspective, Becoming Trusted Advisors, The Distributor's Aspiration and leading industry players will also participate in an exclusive CEOs Interactive Roundtable: Transformation - Catalyst for Industry Growth?".
This Summit is supported by Association of Mutual Funds in India (AMFI), Central Depository Services (India) Limited (CDSL), Bombay Stock Exchange Limited (BSE), National Securities Depository Limited (NSDL), National Institute of Securities Markets (NISM).

Source: http://www.webnewswire.com/node/458167

DSP Black Rock Mutual Fund India Declares Dividend in TIGER Fund

DSP BlackRock Mutual Fund has declared a dividend under the dividend option of the DSP BlackRock India T.I.G.E.R Fund (The Infrastructure Growth and Economic Reforms Fund), an open ended diversified equity scheme. The fund house has fixed 19 June 2009, as the record date for the payment of dividend.
The quantum of the dividend will be Rs 2.00 per unit and it will distribute on the record date on the face value of Rs 10 per unit. The scheme has recorded the NAV of Rs 18.032 per unit as on 12 June 2009.
The primary investment objective of the scheme is to seek to generate capital appreciation from a portfolio that is substantially constituted of equity securities and equity related securities of corporates, which could benefit from structural changes brought about by continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector.

Nomura to pay $29 mln for 19 pct LIC MF stake

Japan's Nomura will pay about 1.38 billion rupees ($29 million) to buy 19.3 percent stake in LIC Mutual Fund, part of a deal to acquire 35 percent, a top official of a group firm of the Indian money manager said.
The deal values the fund firm at $149.3 million, or about 2.5 percent of its May average assets of nearly 286 billion rupees. "We have got around 39.3 percent stake in LIC Mutual Fund," R.R. Nair, chief executive of LIC Housing Finance told Reuters in a telephone interview on Monday. "Twenty percent we will be holding back. Balance will be offloaded to Nomura."
LIC Housing and LIC Mutual are both units of state-owned Life Insurance Corp of India, the country's largest insurer.
The deal was valued lower than 4-5 percent that many Indian money managers have fetched because more than 90 percent of LIC Mutual's assets were in low margin fixed-income funds, Chintamani Dagade, a senior research analyst at Morningstar India, said.
"Such a valuation would be in line with what the market would be expecting... it looks okay," he said.
Separately, mortgage lender GIC Housing Finance Ltd said on Monday its board had approved sale of its entire holding of 11.2 percent in LIC Mutual and 3 percent in LIC Trustee Company for about 890 million rupees.
GIC officials could not be immediately reached for comment but Nair at LIC Housing said the deal was part of a plan to sell 35 percent of LIC Mutual to Nomura to give the Indian money manager access to global markets and strengthen its operations.
"This is to bring in an international player with expertise and exposure," Nair said. "We thought it will benefit the company."
"After the deal, both LIC and LIC Housing (together) will hold 65 percent in LIC Mutual Fund," he said.
LIC Mutual Chief Executive Sushobhan Sarker confirmed holding talks to sell a stake to Nomura, but declined to give details citing non-disclosure agreement.
Nomura Asset Management spokeswoman in Japan also declined comment.
Assets of Indian funds industry have jumped 60 percent to 6.6 trillion rupees in two years, luring the likes of JPMorgan, South Korea's Mirae Asset, Pioneer Global, the fund arm of Italian bank UniCredit and France's Axa.
More than 20 firms, including Credit Agricole and UBS are considering to enter India's promising but fiercely competitive fund market forecast by Boston Consulting Group to manage $520 billion by 2015.

Source: http://in.reuters.com/article/domesticNews/idINBOM46448820090615?sp=true