The Hindu Business Line : Update

JM Financial decided to part ways with Morgan Stanley, with whom it had a joint venture in the investment banking and securities broking business.

Taurus Mutual Fund has launched a new scheme Taurus INFRA-TIPS, an open-end equity thematic scheme.

The investment objective of Taurus INFRA-TIPS is to provide capital appreciation by investing pre-dominantly in equity and equity-related securities of companies in the infrastructure space. The maximum exposure in an industry in the infrastructure sector is no more than 7-8 per cent. Similarly, maximum exposure to a single stock does not exceed 5-6 per cent of the total assets.

The new fund offer (NFO) closes on March 5. The minimum one-time investment is Rs 1,000 and in multiples of Rs 1,000. During the NFO the fund will charge an entry load of 1 per cent up to a investment of Rs 1 crore. An exit load of 2 per cent will be charged if the redemption is made within six months from the allotment and 1.5 per cent if redeemed within a year. Thereafter, no exit load is applicable.

Principal PNB asset management has announced a dividend of Rs 6 per unit under its Principal Resurgent India Equity Fund. Record date for the same is February 26.

HSBC Mutual Fund has extended the offer period for HSBC Unique Opportunities Fund by four days. The fund will now close on February 26.

UTI Mutual Fund has launched UTI Gold Exchange Traded Fund. Every unit of gold ETF will approximately represent one gram of pure gold.

Units allotted will be credited to investors' demat accounts. The NFO opens on March 1 and closes on March 12. The minimum investment is Rs 20,000.The fund will charge an entry load of 2.5 per cent up to an investment of Rs 50,00,000.

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