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Journalism of Courage
HDFC MF begins process of merging Morgan Stanley MF schemes
New Delhi: Taking forward its deal to acquire the assets of Morgan Stanley Mutual Fund in India, HDFC Mutual Fund has begun the process of merging the schemes of smaller rival with itself. HDFC MF will merge the four schemes offered by Morgan Stanley MF with itself, while it would change the name of another four schemes. The changes are announced pursuant to the acquisition of Morgan Stanley MF schemes and to avoid similar products being offered to the investors. However, these changes to the schemes are subject to completion of the proposed deal. Besides, HDFC MF has given an exit option to the unit holders of Morgan Stanley MF.
PNB MetLife launches term plan offering family monthly income
New Delhi: Private sector PNB MetLife India Insurance launched a term insurance plan designed to ensure a guaranteed monthly income for up to 20 years to the family of a customer upon his death. The Met Family Income Protector Plus plan allows one to choose between a lump sum payout or monthly income in case of the death of the customer, the insurer said in a statement. The customer can also opt for the return of premiums at the end of the policy term. This option ensures that the customer gets covered during the policy term and gets back 110 per cent of the premiums paid, it said.
JP Morgan Asset Management launches India Top 100 Fund
mumbai: JP Morgan Asset Management India launched JP Morgan India Top 100 Fund, an open-ended equity growth scheme that seeks capital appreciation by investing in select blue chip and large-cap equity stocks across sectors. The new scheme aims to predominantly adopt a bottom-up style of investing and will focus on balancing returns with a low degree of volatility. The new fund offer, which will open for subscription from June 2, will close on June 16, 2014. “We believe there is a set of investors who are looking for capital appreciation but with less volatility. Our Top 100 fund, which is a large cap oriented fund, is meant for these investors,” said Harshad Patwardhan, Head of Equities of JP Morgan MF India.
Foreign investment inflows hit $5.7 billion in May
NEW DELHI: Overseas investors pumped in nearly Rs 34,000 crore in the Indian market last month on hopes that the new government at the Centre would push reforms and spur economic growth. As per data compiled by capital markets regulator Sebi, net investment by FIIs into Indian equities in May was Rs 14,006 crore ($2.35 billion), while in the debt markets it stood at Rs 19,772 crore ($3.34 billion) taking the total to Rs 33,778 crore ($5.7 billion). Market analysts said foreign investors are betting on the Narendra Modi-led BJP government as they see it initiating reforms to spur economic growth on the back of clear majority it has won last month in the general elections.
