Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 07, 2002 |
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Markets
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Mutual Funds Taurus to take over 2 BoI MF schemes Our Bureau
MUMBAI, March 6 TAURUS Mutual Fund has decided to take over two schemes from BOI Asset Management. As per the agreement entered between Creditcapital Asset Management Company, the investment manager of Taurus Mutual Fund, and BOI Asset Management, BOI MF schemes — Boinanza Equity Linked Saving on Tax Scheme 1993 and Boinanza Exclusive Growth Scheme (Open) — will become part of Taurus MF from March 25. Mr R.K. Gupta, Chief Executive of Creditcapital, told Business Line that the two schemes had an asset size of around Rs 25 crore. He said the objective was to increase the assets of the fund. ``If we were to launch a new scheme, the cost would be around six per cent of the fund raised, but buying the two schemes of BOI would cost us less,'' Mr Gupta said. The schemes will be renamed as Bonanza Equity Linked Saving on Tax Scheme 1993 and Bonanza Exclusive Growth Scheme - Open. NAV would be declared on daily basis for open-ended scheme and on every Wednesdays for close-ended schemes. Taurus will not charge any load or transfer charge for the existing unit holders.
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