HSBC MF converts its Unique Opportunities Fund into open-ended scheme

HSBC mutual fund has converted its Unique Opportunities Fund,a close ended scheme,into an open ended fund from March 22,2010.

HSBC mutual fund has converted its Unique Opportunities Fund,a close ended scheme,into an open ended fund from March 22,2010. After the conversion,the scheme will charge an exit load of 1 per cent if units are redeemed within one year from the date of allotment. The focus of this fund would be to invest in stocks of companies facing out-of-ordinary conditions. The scheme is benchmarked against BSE 200 and is managed by Jitendra Sriram and Dhimant Shah.

UTI Mutual Fund revises exit load structure under Short-Term Income Fund

UTI Fund has scrapped the exit load from UTI Short Term Income Fund. Until now,there was an exit load of 1 per cent on investments that were redeemed within 90 days from the date of allotment. UTI Short Term Income Fund is an open-ended income scheme with the investment objective to generate steady and reasonable income with low risk and high level of liquidity from a portfolio of money market securities and high quality debt. The changes are effective from March 22. The scheme is managed by Sanjeev Bhasin and Puneet Pal and is benchmarked against CRISIL Short-Term Bond Fund Index.

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IDBI Bank enters into mutual fund business again; launches asset management company

IDBI Bank has launched IDBI Asset Management with an initial capital investment of Rs 25 crore. This is the second foray of the bank into the mutual fund business after it opted out of its joint venture with the Punjab National Bank in 2002. To start with,the company plans to launch index-linked funds and some debt schemes initially and then gradually expand its product portfolio with more offerings.

SBI Mutual Fund offers online facility to its investors through SBI debit cards

SBI Mutual Fund has introduced a new payment facility for its investors through State Bank of Indias ATM cum debit card. Investors through this facility will be able to conduct online transactions on the companys website. The facility is available under the all schemes except SBI Magnum Insta Cash Fund,SBI Magnum Insta Cash Fund – Liquid Floater,SBI Premier Liquid Fund and SBI Short Horizon Debt Fund – Ultra Short Term Fund from March 22,2010. State Bank of India will set maximum amount of investment through this facility from time to time.