Date:24/10/2004 URL: http://www.thehindubusinessline.com/bline/iw/2004/10/24/stories/2004102400270800.htm

Back Reliance launches two schemes for NRI

Birla Sun Life Mutual Fund has acquired the rights to manage the funds of Alliance Capital Mutual Fund. The deal with Alliance will help Birla Mutual's asset base cross Rs 10,000 crore.

Franklin Templeton has proposed a dividend on its Franklin India Prima Plus Fund, to commemorate the fund's tenth anniversary. The record date for dividend payout is October 27. There will be a one-day book closure on October 28.

UTI Retirement Benefit Plan has declared a bonus of 1.5 units for every 10 units held. The record date for the bonus is October 29.

Reliance Mutual Fund has launched two schemes, Reliance NRI Equity and Reliance NRI Income. The initial offer of both schemes will be open from October 16 to November 1.

The NRI Equity scheme, will invest 65-100 per cent in equity or equity related instruments of companies drawn from the BSE-200 Index, and up to 35 per cent of net assets will be invested in debt and money market instruments.

The NRI Income scheme will invest predominantly in debt instruments. Both schemes will offer growth and dividend plans. Minimum application amount for both schemes is Rs 50,000.

Principal Equity Fund has amended its offer document to permit it to invest up to 100 per cent in equity. The fund previously capped its investment in equities to 85 per cent of the portfolio, with the remaining invested in income instruments.

Prudential ICICI Mutual Fund is to launch Freedom Fund of Fund, which will invest in funds belonging to PruICICI Mutual Fund, HDFC Mutual Fund, Franklin Templeton Mutual Fund, Birla Sunlife Mutual Fund, Deutsche Mutual Fund and DSP Merrill Lynch Mutual Fund.

Kotak Mahindra Bank has launched "India Growth Fund", a private equity fund, in partnership with SEAF Management of the US. The Small Industries Development Bank of India is a partner and key anchor investor in the fund.

BL Research Bureau