Page 17 - Banking Finance October 2019

MUTUAL FUND

MUTUAL FUND

NEWS
NEWS
NEWS
NEWS
NEWS

AMFI appoints Kotak Mutual Fund’s Nilesh Shah as
Reliance Capital to sell
new chairman
stake in mutual fund arm
Nilesh Shah, Managing Director of Kotak Asset Manage-
by September-end ment Company (AMC), has been appointed as the new

Reliance Capital is all set to complete chairman of the Association of Mutual Funds in India
the pro- (AMFI), with immediate effect. AMFI, the industry body
cess sell of Sebi-registered mutual funds, took the decision in its
its entire board meeting on September 23. Nilesh Shah succeeded
stake in Managing Director, and CEO of ICICI Prudential Asset
mutual Management Company, Nimesh Shah, who was appointed
fund arm to the post in 2018. The body also elected Saurabh
to joint Nanavati, Chief Executive Officer, Invesco Mutual Fund as the vice-chairman of
venture partner Japan’s Nippon Life AMFI, for a period of one year.
Insurance by the end of September
2019. Post-stake-sale, Nippon Life In- Tata Mutual Fund introduces PSU and banking debt
surance will own 75% stake in Reli- fund
ance Nippon Life Asset Management
(RNAM) for the long term, and the Tata Banking and PSU Debt fund, an open-ended debt scheme which will invest
rest will be owned by the public, in- in debt instruments of banks, public sector under-
cluding few marquee investors. takings, public financial institutions and municipal
bonds, has been launched by Tata Mutual Fund.
Reliance Capital, a part of the Reli-
ance Group, is one of India’s leading Till October 3, the subscription for the scheme will
private sector financial services com- be open till October 3. According to a press re-
panies. It has interests in asset man- lease, there is no entry and exit load in the
agement and mutual funds; life, scheme. The fund will be managed by Amit
health and general insurance; com- Somani, Senior Fund Manager – Fixed Income at Tata Mutual Fund.
mercial and home finance; stock “In the current market scenario, investors may wish to have an extended allo-
broking; wealth management ser-
cation to safer fixed income portfolio. Tata Banking and PSU debt fund will be
vices; distribution of financial prod-
less actively traded portfolio of high quality and liquid bonds. Our aim is to op-
ucts; asset reconstruction; propri-
timize returns while remaining focused on safety and liquidity. This portfolio is
etary investments and other activi- suitable for regular savings in a debt fund for an investment horizon of more
ties in financial services.
than 2 years,” Amit Somani, Senior Fund Manager, Tata Mutual Fund, said.

BANKING FINANCE | OCTOBER | 2019 | 17