We have launched SaveSmart feature on Kuvera. SaveSmart is a turbo-charged deposit account to optimize returns and provide instant withdrawal. Investment in SaveSmart is intelligently allocated amongst liquid funds from top fund houses. Investors can get immediate access to SaveSmart investments for redemption of upto 90% of holdings, or Rs 2 lakhs every day. The feature deposits the invested amount in India’s leading Liquid fund schemes – Nippon, Axis, PGIM, and ICICI Prudential.
Mutual fund industry added 6.8 million folios in 2019, taking the total tally to 8.7 crore. In comparison, over 1.38 crore investor accounts were added in 2018, more than 1.36 crore accounts in 2017 and nearly 70 lakh in 2016. As per the data from SEBI, the number of mutual fund folios stood at 8.71 crore at the end of December 2019, registering a gain of 8.47% from 8.03 crore at the end of December 2018
Axis MF has launched the NFO for Axis ESG Equity Growth Plan on 22nd January. The Open ended equity scheme will invest up to 30% in global sustainable companies across Environment, Social and Governance (ESG) theme. ESG factors will include issues on climate change, natural resource use, product safety, business ethics and will exclude sectors/themes that are deemed harmful from a societal perspective. The fund will be benchmarked against the Nifty 100 ESG TRI Index. The NFO will remain open for subscription until 5th February.
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Movers & Shakers
1/ HDFC Mutual Fund has announced that Rakesh Vyas will manage HDFC Infrastructure Fund with effect from 24 January 2020.
2/ BOI AXA Mutual Fund has announced change in fund managers under the following schemes with effect from 23 January 2020:
- BOI AXA Short Term Income Fund – Alok Singh and Amit Modani
- BOI AXA Equity Debt Rebalancer Fund – Amit Modani and Ajay Khandelwal
- BOI AXA Ultra Short Duration Fund – Amit Modani
3/ Union Mutual Fund has announced that Hardick Bora has been appointed as a Co-Fund Manager of Union Largecap Fund with immediate effect.
4/ Edelweiss Mutual Fund has approved the merger of Edelweiss Tax Advantage Fund (Transferor) with Edelweiss Long Term Equity Fund (Transferee), with effect from 26 February 2020. Unit holders of the Transferor scheme who do not wish to continue remain invested in the Transferee scheme can redeem their units without exit load, until 25th February.
Quote of the week:
Do not save what is left after spending; instead spend what is left after saving.
: Warren Buffett
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