Franklin India Prima Fund Declares Dividend

Franklin India Prima Fund declares a dividend of 60%. Record date is 24th June 2009.

LIC MF changes in Minimum Subscription Amount SIP

LIC Mutual Fund has announced the change in Minimum Subscription Amount – SIP of LICMF ULIS, LICMF Balanced Fund and LICMF Equity Fund, LICMF Growth Fund, LICMF Tax Plan, LICMF Index Fund – Sensex Plan, Nifty Plan a& Sensex Advantage Plan and LICMF Opportunities Fund, with effect from 1 July 2009.

Accordingly, the minimum subscription amount under SIP has decreased to Rs 100 from existing Rs 500.

HSBC India Advantage Now HSBC Progressive Themes Fund

HSBC MF has issued an addendum stating the change in name of HSBC Advantage India Fund to HSBC Progressive Themes Fund w.e.f. 16th June 2009.

Tushar Pradhan appointed CIO, HSBC Asset Management (India)

HSBC Asset Management (India), today announced the appointment of Tushar Pradhan as CIO of HSBC Mutual Fund from June 15.

As CIO, Pradhan will be responsible for all investment activities and investment strategy, a press release stated.

Pradhan, an MBA in investment finance, has over 17-years of experience in fund mangement.

He has worked in the US for a couple of years before returning to India to work with HDFC Asset Management and more recently with AIG Global Asset Management, the release said.

HSBC Asset Management (India) CEO, Vikramaaditya, said that "the mutual fund industry has huge potential in India and this key appointment underlines our commitment to become one of the leading asset management companies in India."

IDFC Enterprise Equity Fund turns open ended

IDFC Mutual Fund has announced that IDFC Enterprise Equity Fund shall be converted from close-ended into open-ended w.e.f. June 10, 2009. Henceforth the NAV of the scheme will be declared on daily basis, as against NAV declared on weekly basis earlier.

Launched in April 2006, the investment objective of the scheme is to generate capital growth from a portfolio of predominantly equity and equity related instruments (Including Equity derivatives). The scheme may also invest in debt and money market instruments to generate reasonable income.

Sundaram Financial Services Opportunities and Birla Sunlife Dividend Yield Plus Declare Dividend

Sundaram BNP Paribas Mutual Fund has declared a maiden dividend of 10% (Rs 1 per unit on Face Value of Rs 10) under the dividend option of Sundaram BNP Paribas Select Thematic Fund - Financial Services Opportunities. The record date for the dividend is June 12, 2009

Meanwhile Birla Sun Life Mutual Fund has declared a dividend of 10% (Rs 1 per unit on the face value of Rs 10) in Birla Sun Life Dividend Yield Plus, an open ended growth scheme with the objective to to provide capital growth and income by investing primarily in a well-diversified portfolio of dividend paying companies that have a relatively high dividend yield. Record date for the same is 10th June 2009.

UTI MF Declares Dividend Under 3 Schemes

UTI MF declares dividend of 20% each in 3 schemes:

1. UTI Master Value
2. UTI Transportation & Logistics
3. UTI Midcap Fund.

Record date: 15-06-2009.

AIG Global Investment Group MF announces changes

AIG World Gold Fund (an open ended Fund of Funds Scheme), as per the investment objective of the scheme predominantly invests in AIG PB Equity Fund Gold.

AIG Private Bank Limited has been renamed as falcon Private Bank Limited and accordingly AIG Private Bank Limited will conduct its business under the new name Falcon Private Bank Limited. Consequently AIG PB Equity Fund Gold (the underlying scheme of AIG World Gold Fund) has been renamed as Falcon Gold Equity Fund.

Thus any reference henceforth about AIG Private Bank Limited and AIG PB Equity Fund Gold will be read as Falcon Private Bank Limited and Falcon Gold Equity Fund respectively in the Scheme Information Document (SID)/ Key Information Memorandum (KIM) of AIG World Gold Fund.

AIG World Gold Fund is an open ended Fund of Funds scheme with an investment objective to provide long term capital appreciation by investing predominantly in units of Falcon Gold Equity Fund. The scheme may, at the discretion of the investment manager, also invest in the units of other similar overseas mutual fund schemes. The scheme may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of mutual funds, in order to meet liquidity requirements from time to time.

Latest dividends declared

IDFC Imperial Equity - Plan A - 8% dividend - Record date: 08-06-2009

UTI Wealth Builder - 8% dividend - Record date: 08-06-2009

Sundaram Media & Opportunities Fund - 10% dividend - Record date: 05-06-2009

Edelweiss MF launches Edelweiss Nifty Enhancer Fund

Edelweiss Mutual Fund has launched Edelweiss Nifty Enhancer Fund. It is an open ended equity scheme. The new issue will be open for subscription from 8 June to 10 June 2009. The NFO price for the fund is Rs 10 per unit. The fund will re-open on 29 June 2009.

The primary objective of the fund is to generate capital appreciation and income distribution by investing in a portfolio that mimics and endeavors to outperform the S & P CNX Nifty index.

The Scheme will have a single plan with dividend and growth option. Dividend option shall have reinvestment, payout & sweep facility. The minimum investment amount is Rs 5000 and in multiples of Re 1 thereafter.