The Hindu Business Line : Update

Edelweiss Mutual Fund has launched Edelweiss Nifty Enhancer Fund, an open-ended equity scheme. The fund will be invested in Nifty derivatives and will look to enhance returns by effectively investing in other available low risk debt/equity opportunities. The fund also offers, “Expiry date Trigger Facility”, where one can avail of a lower exit load facility for existing the scheme, thereby enabling facility of automatic profit booking. The NFO opens on June 8 and closes on June 10. The fund will reopen for purchase and redemption from June 29. The benchmark index for the scheme will be S&P CNX Nifty index.

UTI Mutual Fund’s UTI Wealth Builder Fund has declared tax free dividend. The scheme will distribute dividend of 8 per cent i.e., Rs. 0.80 per unit on the face value of Rs.10. UTI-Wealth Builder Fund is a close-ended equity scheme with a maturity period of 5 years with automatic conversion into an open-ended scheme upon maturity of the scheme. The record date for dividend distribution is June 8.

ICICI Prudential Mutual Fund has announced changes in the load structure under ICIC Pru Target Returns Fund- Retail Option, to be in effect from June 5. Entry load for an investment of less than Rs 5 crores will be 2.25 per cent. Exit load for investments of less than Rs 5 crore will be 1 per cent if redeemed within one year.

SBI Funds Management has appointed R. Srinivasan as Senior Fund Manager, Equity, with effect from May 11. Prior to joining SBI Mutual Fund, he was heading ‘Public Markets’ at Future Capital Holdings, asset management and financial services of the Future Group. He has also worked with Principal PNB AMC as a portfolio manager and with Oppenheimer & Co. (now Blackstone).

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