Page 20 - Banking Finance April 2018
P. 20
MUTUAL FUND
MUTUAL FUND
NEWS
NEWS
NEWS
NEWS
NEWS
Top mutual funds' asset IDFC Mutual Fund revises classification of equity funds
base declines by Rs 8,900 IDFC Mutual Fund has revised the classification of six schemes namely-- IDFC
Infrastructure Fund, IDFC Dynamic Equity Fund,
crore in February IDFC Tax Advantage (ELSS) Fund, IDFC Nifty ETF,
The AUM of country's top 10 mutual and IDFC Sensex ETF with effect from March 22.
funds de- The fund house has revised the classification to
clined by comply with the new guidelines laid down by the
Rs 8,900 Securities and Exchange Board of India.
crore in The regulator had directed mutual funds to categorise all existing and future
February, schemes into five broad categories and 36 sub-categories to bring uniformity
mainly on and standardisation across schemes.
account of lower inflows from retail
Subsequently, IDFC Focused Equity Fund will be classified as an open-ended eq-
and high networth individuals (HNIs).
uity scheme investing in maximum 30 stocks with multi-cap focus, while IDFC
The assets under management Infrastructure Fund will come under the category of an open-ended equity
(AUM) of the fund houses slumped to scheme investing in infrastructure sector. IDFC Dynamic Equity Fund will be
Rs 18,68,404 crore in February, as categorised as an open-ended dynamic asset allocation fund. At present, these
against Rs 18,77,303 crore in Janu- three schemes are classified under open-ended equity schemes.
ary, as per the data of the Associa-
tion of Mutual Funds in India.
Mutual Fund houses appointing two fund managers to
"Historically over the last decade,
the post Budget month has been manage large schemes
weak and this February was not an The mutual fund houses are revising the manage-
exception," Reliance Mutual Fund ment for their flagship schemes by appointing two
CEO Sundeep Sikka said. fund managers for managing large schemes. Re-
Of the top 10 fund houses, six wit- cently, DSP BlackRock Mutual Fund appointed
nessed a drop in their asset base, Resham Jain as co-fund manager of DSP BlackRock Small and Midcap Fund and
while the remaining four -- Kotak DSP BlackRock Micro Cap Fund. Vinit Sambre was solely managing DSP BlackRock
Mahindra MF, Axis MF, Reliance MF Small and Midcap Fund since July 2012 while Vinit Sambre and Jay Kothari jointly
and ICICI Prudential MF saw rise in manage DSP BlackRock Micro Cap Fund. The AUM of these two funds were at Rs
their AUMs. Mutual funds are invest- 5,390 crore and Rs 6,206 crore, respectively, as on February 2018.
ment vehicles made up of a pool of "Fund houses are getting a co-fund manager as they want to ensure that there
funds collected from a large number is no risk of strategy and style in a fund if one fund manager out of the two
of investors. quits," said Vidya Bala, Head of Mutual Fund Research, FundsIndia.
20 | 2018 | APRIL | BANKING FINANCE
