Going global
DSP BlackRock Mutual Fund has launched its open-ended international fund of fund – DSP BlackRock Global Allocation Fund. The feeder fund will predominantly invest in the units of BlackRock Global Funds – Global Allocation Fund, which manages assets of $21.6 billion. However, the fund may invest in other similar mutual fund schemes too.
DSP BlackRock Global Allocation Fund’s performance will be benchmarked to a Composite Index comprising S&P 500 (36 per cent), FTSE World ex-US (24 per cent), BofA ML US Treasury Current 5 Year (24 per cent) and Citigroup Non-USD World Government Bond Index (16 per cent).
The fund will be managed by Jay Kothari and Laukik Bagwe. Interested? Sign up before August 14. Once you invest in the fund, you will have to stay put for a minimum 12 months; redemption within 12 months from the date of allotment will attract an exit load of 1 per cent.
Closed-end fund from UTI
UTI Mutual Fund plans to launch a three-year closed-end fund – UTI Focussed Equity Fund. The fund can invest in 30 stocks across the market cap curve without any bias. Its performance will be benchmarked to the BSE 200 Index. Anoop Bhaskar and Lalit Nambiar will manage the fund.
The fund will open for subscription on August 13 and close on August 27. Though you cannot redeem the units from the fund house within three years from the allotment date, you can sell them through the NSE, where the scheme is proposed to be listed.
Fund manager changes
Mirae Asset Management has made changes to its investment team. Gopal Agarwal, its CIO, will no longer co-manage the overseas portion of Mirae Asset’s India Opportunities and China Consumption Fund. But he will continue to manage Mirae Asset Global Commodity Stocks Fund. Bharti Sawant will take over from Sumit Agrawal as the fund manager for the overseas portion of Mirae Asset Global Commodity Stocks Fund and Mirae Asset China Advantage Fund.
Sumit Agarwal will now co-manage Mirae Asset India Opportunities Fund and the domestic portion of Mirae Asset India China Consumption Fund.