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Shinsei Bank ties up with Andhra Bank to enter Indian Mutual Fund market

The Tokyo-based Shinsei Bank is forming a joint venture Asset Management Company (AMC) with India’s nationalized-bank Andhra Bank to enter into the Indian Mutual Fund market. The bank feels that large distribution reach of Andhra Bank will help it expand quickly and reach a wide range of customers. With this Shinsei Bank becomes the second Japanese company to enter India. Only few days back, Nikko Asset Management tied up with Ambit RSM for the AMC business.

Back in November 2006, Shensei Bank had a tie-up with UTI AMC for launching a diversified offshore fund.

Other foreign companies that are planning an Indian entry, many of them probably during this year include Mirae Asset, UBS, Aviva and Pioneer.

Add commentJanuary 28th, 2007

A leading business newspaper has said that AMFI and CVL are in talks with the Finance Ministry to make use of PAN number as the Mutual Fund Identification Number. The idea is to use PAN number as a code number for MIN as well.
The duo is also proposing of scanning documents at central data centre instead of at the Point  of  Sale points.

1 commentJanuary 28th, 2007

SBI Multicap Fund announces dividend

SBI Mutual Fund announces a dividend of Rs 2 per unit (on the face value of Rs 10 per unit) in its Magnum Multicap Fund - Dividend option and has set Jan 29 as the record date.
The Multicap Fund was launched on August 22, 2005. The fund primary invests making an asset allocation of 50-90% on Large Cap, 10-40% on Mid Cap and 0-10% on Small Cap. The NAV of the Growth plan of the fund is Rs. 16.23 as on 25 Jan 2007

Add commentJanuary 28th, 2007