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ABN-Amro to offer retail brokering services from Feb. 2006
Mumbai: ABN-Amro Equities, a subsidiary of ABN-Amro, will start retail brokerage services by February 2006, Romesh Sobti, executive vice-president and country representative of ABN-Amro bank has said.

The service will be available only for the bank's customers in the first phase, and by mid-2006, it will also be made available to customers outside the bank's client base. Currently, the bank has 1.2 million retail clients.

The service will be made available through various channels, such as branches, phone banking and Internet. 70 per cent of the bank's revenues accrue from the retail business. The bank has 24 branches in 17 cities.
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RBI: FIIs can buy 49 per cent in Strides Arcolab
Mumbai: The Reserve Bank of India has said that Foreign institutional investors can now purchase up to 49 per cent of the paid-up capital equity shares and convertible debentures of Strides Arcolab Ltd. under the portfolio investment scheme.

The shares can be purchased through the primary markets and the stock exchanges in India. A bank press release also said that the board of directors of Strides Arcolab and its general body had passed a resolution to this effect.
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Federal Bank and Franklin Templeton tie up to distribute MF products
Kochi: Franklin Templeton Investments (India), one of the largest mutual funds in the country and the Federal Bank have announced a tie-up to distribute Franklin's products through the bank's branches.

According to the MF, the tie-up with Federal Bank would lead to the generation of a few thousand crore worth of mutual fund assets over the next 2-3 years.

Federal Bank has said that it will initially distribute Franklin Templeton products through 40-50 select branches, before expanding the service to all branches.
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StanChart MF launches two close-ended schemes
Mumbai: Standard Chartered Mutual Fund has announced the launch of two close-ended income funds targeted at traditionally fixed income investors.

The Standard Chartered Tristar Series I and Grindlays Fixed Maturity Plus Plan I will be close-ended income funds that also invest in a limited manner in equity.

The Funds will remain open for subscription till December 19, a press release issued by the mutual fund said here.

While the Standard Chartered Tristar Series 1 has a maturity period of 36 months and would mature on January 11, 2009, the Grindlays Fixed Maturity Plus Plan I has a maturity period of 16 months and hence would mature on May 2, 2007.

The Fund has got both these schemes rated by Crisil and have been accorded `AAA (SO)' rating which indicates the highest degree of certainty regarding timely payment of face value of investment to the unit holders on redemption. (However the rating is not an opinion on the stability of the NAV of the scheme, which may vary with the market developments).

The minimum purchase is Rs 5,000 and in multiples of Re 1 thereafter. There is nil entry load during the new fund offer.
Standard Chartered Mutual Fund has been in operation for over five years and manages assets over Rs10,300 crore, with over 1,50,000 investor accounts.
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