Financial Daily from THE HINDU group of publications
Friday, Sep 17, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 17, 2004 |
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Markets
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Mutual Funds Principal may merge acquired Sun F&C scheme with itself Our Bureau
Chennai , Sept. 16 PRINCIPAL Mutual Fund is studying the possibility of merging an equity scheme acquired from Sun F&C with its own scheme as they are similar. Principal's Tax Savings Fund and its Personal Tax Saver Fund both offer a tax rebate on investment. The latter, with a size of Rs 4.67 crore, was originally managed by Sun F&C. Principal's original scheme, Tax Savings Fund, manages Rs 71.67 crore. "We would like to keep our options open," said the Principal's Vice-President- Sales and Marketing, Mr Rajan Krishnan, on the possibility of merging the schemes. Resurgent India Equity Fund, another one of Sun F&C's schemes acquired by Principal, manages Rs 4.12 crore. Mr Krishnan felt the scheme could remain a stand-alone one, as its approach is dissimilar to Principal's other schemes. Principal had reached an agreement with Sun F&C last year to take over the latter's schemes. Subsequently, Punjab National Bank and Vijaya Bank invested in its asset management company. Currently, Principal controls 65 per cent of the asset management company's equity.
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