About Mutul fund

THE Cholamandalam Investments group has parted ways with Cazenove Fund Management, UK. The joint venture with Cazenove in a couple of companies in the mutual fund umbrella has been terminated. This is effective May 24.
The companies in question are Cholamandalam Cazenove Trustee Company and Cholamandalam Cazenove AMC. Cholamandalam Investments and Finance has purchased 49 lakh shares in Cholamandalam Cazenove AMC, and 245,00 shares of Cholamandalam Cazenove Trustee Company. Following this acquisition, the two companies have become subsidiaries of Cholamandalam Investments and Finance.

UTI under scrutiny: The Joint Parliamentary Committee (JPC) that is probing the recent stock market scam has indicated that the role of the Unit Trust of India (UTI) would be looked into during the scam period. The JPC would look into any buying and selling undertaken by it during the scam period. This was indicated by the Chairman of the Committee, Mr Prakash Mani Tripathi.
GIC restructuring: GIC Mutual Fund plans to restructure its appertains. This could also involved restructuring the equity portfolio as well as launch fixed-income products. The induction of a new strategic partner in place of the Soros Fund Management is also on the cards. The Soros Fund has a 21 per cent stake in the equity now, diluted from 40 per cent due to a preferential offer. The fund, which has a new CEO, Mr B. Chakrabarti, will focus on fixed-income products.
Pension from mutual funds: The Insurance Regulatory and Development Authority (IRDA) has favourably viewed the launch of pension schemes by mutual funds registered with the Securities Exchange Board of India (SEBI). But this is likely only if and when the sector is thrown open to the private sector. The Association of Mutual Funds of India (AMFI) has been demanding permission for mutual funds to launch retirement products on the lines of schemes in the US. At the international level, life insurance companies have 90 per cent of the pension market. Mutual funds account for close to 10 per cent.
US-64 prices: The UTI has fixed the sale and repurchase prices for US-64 at Rs 14.55 and Rs 14.25 per unit respectively, for May. With effect from June 1, 2001 the scheme is in the book closure period and is likely to re-open for sale in July. The dividend announcement would be eagerly watched out for since UTI's equity portfolio in US-64 has taken a fairly big knock in the meltdown in stock prices in the last year