Tata Equity Management Fund declares dividend

Tata Mutual Fund has declared a dividend of 10% (Rs 1 per unit on face value of Rs 10) in Tata Equity Management Fund. The record date for dividend is September 24, 2010.

All investors registered under the dividend option of the scheme as on September 24, 2010 will receive this dividend. The NAV under the dividend plan of the scheme as on September 17, 2010 was Rs 14.456.

Tata Equity Management Fund is an open ended equity fund. The primary objective of the scheme seek to generate capital appreciation & provide long term growth opportunities by investing in a portfolio constituted of equity & equity related instruments and the secondary objective is to generate consistent returns by investing in debt & money market securities.

Source: http://www.moneycontrol.com/news/mf-news/tata-equity-management-fund-declares-dividend_485610.html

Union Bank's AMC to become operational by Dec

Union Bank of India on Monday said its asset management company will start operations by December and plans to corner 3 per cent of asset management business in the country within three years of its operations.

"Union KBC Asset Management Company will start functioning by December 2010 and we plan to corner 3 per cent of the asset management business in the country within three years," Union Bank CMD MV Nair told reporters on the sidelines a meeting on 'Opportunities and Challenges for financial services in India and Europe' here today.

The meeting was organised by industry chamber CII and the European Union.

Nair also said the bank has got the Reserve Bank of India nod to open a branch in Brussels, for which it already had secured the necessary permission from the Belgian and EU authorities.

The meeting was addressed by RBI Deputy Governor Subir Gokarn, EU ambassador Daniele Smadja, UBI's Nair and a host of European envoys among others. Addressing the gathering, Gokarn spoke about the need for better regulatory mechanism in the financial services space so that another global financial crisis could be averted.

Source: http://economictimes.indiatimes.com/personal-finance/mutual-funds/mf-news/Union-Banks-AMC-to-become-operational-by-Dec/articleshow/6594861.cms

Religare Mid Cap Fund declares maiden dividend

Religare Mutual Fund has declared a maiden dividend of 27% (Rs 2.70 per unit on face value of Rs 10) in Religare Mid Cap Fund. The record date for dividend is September 24, 2010.

All investors registered under the dividend option of the scheme as on September 24, 2010 will receive this dividend. The NAV under the dividend plan of the scheme as on September 17, 2010 was Rs 15.71.

Religare Mid Cap Fund is an open ended equity scheme. The investment objective is to provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of mid cap companies.

Source: http://www.moneycontrol.com/news/mf-news/religare-mid-cap-fund-declares-maiden-dividend_485598.html