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Updates for February

Author: Team Finapolis/Friday, February 24, 2017/Categories: MF News / Analysis

Updates for February

BOI AXA Mutual Fund has announced that its Equity Head David Pezarkar will no longer be a key personnel and fund manager of BOI AXA Equity Fund, BOI AXA Manufacturing and Infrastructure Fund and BOI AXA Mid Cap Equity and Debt Fund, at the close of February 18, 2017. Further, the BOI AXA Liquid Fund will be managed by Piyush Baranwal, while BOI AXA Capital Protection Oriented Fund - Series 2 to Series 5 will be jointly managed by Piyush Baranwal and Saurabh Kataria. The BOI AXA Equity Fund and BOI AXA Manufacturing and Infrastructure Fund will be managed by Alokh Singh while the BOI AXA Mid Cap Equity and Debt Fund will be jointly managed by Alok Singh and Piyush Baranwal, effective February 16.

Tata Mutual Fund has approved a merger of the Tata Gilt Short Maturity Fund with Tata Gilt Securities Fund, with effect from March 17, 2017. The exit option is valid from February 15, 2017 to March 16, 2017.

Sundaram Mutual Fund gave its nod to the merger of the Sundaram Banking and PSU Debt Funds with the Sundaram Flexible Fund - Short Term Plan, with effect from March 17, 2017. The exit option is valid from February 16, 2017 to March 17, 2017.

Canara Robeco Mutual Fund has altered the attributes of Canara Robeco Emerging Equities Fund, with effect from March 16, 2017. Proposed changes include a focus now on midcap equity and equity-related instruments. While 65-100% of assets will be parked in instruments falling within market capitalisation range of the underlying benchmark, up to 35% will be invested in equities of other companies, besides debt and money market instruments.

UTI Mutual Fund altered the benchmark index and fund manager for the UTI Opportunities Fund, with effect from February 13, 2017. While the S&P BSE 200 will now be the benchmark, Vetri Murugan Subramaniam will oversee the fund.

DHFL Pramerica Mutual Fund has appointed Harisha Shah as key personnel and compliance officer of the AMC, with effect from February 8, 2017. She takes over from Sumesh Kumar.

Edelweiss Mutual Fund has altered the benchmark for its Edelweiss Absolute Return Fund to the Nifty 50 Index (60%) + CRISIL Composite Bond Fund Index (40%), with effect from February 6.

Tata Mutual Fund has decided to change in fundamental attributes for three schemes, with effect from March 17, 2017. In the first case, the Tata Floater Fund will be renamed as the Tata Ultra Short Term Fund. It aims to generate regular income and capital appreciation by investing in a portfolio debt and money market instruments with relatively lower interest rate risk. It will invest up to 100% of assets in debt and money market instruments with a low to medium risk profile. Secondly, the Tata Income Plus Fund will be renamed Tata Medium Term Fund, and it will look to generate regular income and capital appreciation through a portfolio constituted of medium-term debt and money market instruments. This scheme will invest 60-100% of assets in debt securities with low to medium risk profile and the rest in money market instruments with low risk profile. In the last instance, the Tata Treasury Manager Fund has been renamed as the Tata Corporate Bond Fund. It aims to generate regular income and capital appreciation through medium-term debt and money market instruments. It will park 80-100% of assets in corporate debt securities. Existing investors have an option to exit without payment of exit load between 15 February 2017 and 16 March 2017.

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Mandar Bakre

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