DSP Merrill launches micro-cap fund
New Delhi: DSP Merrill Lynch has launched a three-year close-ended equity growth scheme named DSP Merrill Lynch Micro Cap Fund which is the first close-ended scheme from this fund house and targets a corpus of Rs500 crore.

It would be converted into an open-ended scheme at the end of the third year. The New Fund Offer (NFO) period would close on May 25.

This fund would primarily invest in equities of entities not part of the top-300 companies by market capitalization.

The company will look at companies ranked 301 by market capitalisation and below. The fund will have a portfolio of 40-50 stocks picked from a universe of about 1,600 stocks with market cap of Rs 200-1,500 crore and quite liquid.
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Reliance MF remains at No 1
Mumbai: Reliance Mutual Fund has retained its position as the country's largest fund house with assets of over Rs48,000 crore while the collective assets under management (AUM) of all the fund houses soared past Rs3.50 lakh crore in April.

The combined AUM of the 30 fund houses rose over Rs24,017 crore during April to a total of Rs 3,50,441 crore as against Rs3,26,425 crore in March.

Reliance MF's assets under management swelled to Rs48,828 crore in April gaining Rs2,521 crore from Rs46,307 crore last month, according to the latest figures released by Association of Mutual Funds in India (AMFI).

ICICI Prudential MF posted a growth of over 11 per cent in AUM to Rs42,268 crore maintaining its second position among fund houses for the month.

Public sector fund house UTI MF was at the third slot with an AUM of Rs35,517 crore - a drop of about Rs66 crore from last month.
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Reliance Money to set up 10,000 branches by 2007 end
Mumbai: Anil Ambani group's retail brokerage arm Reliance Money (R-Money), which offers trading on on-shore and offshore exchanges, plans to quadruple the number of its outlets to 10,000 by the end of the year.

R-Money would cover 5,000 cities as against the existing 2,500. Company officials said the aim of the brokerage house is to be present in 5,165 sub-divisions in the long run and targets to bring all the bank account holders under its trading systems. India has 5,645 sub-divisions and 270 million bank account holders.
The company recently began offering its services, including trading in equities and commodities, offshore investment instruments, IPOs, mutual funds, insurance, money transfer and money changing, through single window, both off-line and online.

To facilitate trading in off-shore instruments, R-Money has tied up with London-based CMC Markets, a global leader in online investment and trading in derivatives of offshore products. CMC offers 3,500 contracts across 18 global markets.
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Unitech AB Nuvo, Videocon added to MSCI
Mumbai: MSCI Barra, a leading provider of benchmark indices and risk management analytics products, has announced changes in its India index by adding stocks like Unitech, Aditya Birla Nuvo and Videocon Industries as of May 31, 2007. The weight assigned to Unitech in the index is 0.81 per cent. Aditya Birla Nuvo has a weight of 0.52 per cent and Videocon Industries has 0.41 per cent in the MSCI India index.

There have been deletions from the index also. Moser-Baer, (current weight in the index 0.25 per cent), Bank of Baroda (0.24 per cent), Bajaj Hindusthan (0.22 per cent), Nicholas Piramal (0.19 per cent), Biocon Ltd. (0.18 per cent), Colgate-Palmolive India (0.18 per cent), Jet Airways India (0.17 per cent), Britannia Industries (0.11 per cent), Matrix Laboratories (0.08 per cent) and Arvind Mills (0.08 per cent) have been removed from the index.
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