Shinsei MF to be renamed as Daiwa MF

Shinsei Investment, Rakesh Jhunjhunwala and Freedom Financial Services (P), the current shareholders of Shinsei Asset Management (India) (P) (the AMC), the investment manager of Shinsei Mutual Fund, have entered into an agreement with Daiwa Securities Group (DSGI) and Daiwa Asset Management Co. (DAM), the parent company of DAM.

Pursuant to the agreement, DAM, the asset management subsidiary of the Daiwa Securities Group, will acquire 91% of the equity share capital of the AMC and the balance 9% of the AMC will be acquired by DSGI. As a result thereof, there will be a change in the controlling interest of the AMC and DAM will become the sponsor of Shinsei Mutual Fund.

Pursuant to the proposed transaction the name the fund house will be changed from Shinsei Mutual Fund to Daiwa Mutual Fund. The name of the schemes will also be changed as Daiwa Liquid Fund, Daiwa Treasury Advantage Fund and Daiwa Industry Leaders Fund.

In case an investor does not wish to continue to hold units in view of the said changes, they will have the option to exit the said scheme at the prevailing NAV, without any exit load. The said exit option can be availed between 8 December 2010 to 7 January 2011.

Source: http://www.myiris.com/newsCentre/storyShow.php?fileR=20101203142952707&dir=2010%2F12%2F03&source=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Myiris+(myiris.com+-+India's+Leading+Financial+Portal)