A quick wrap up of mutual fund industry: June 23, 2011

Merger of JM Nifty Plus Fund & JM Emerging Leaders Fund
JM Financial Mutual Fund has decided to merge JM Nifty Plus Fund into JM Equity Fund (surviving scheme) and JM Emerging Leaders Fund into JM Multi Strategy Fund (surviving scheme), with effective from July 29, 2011 in the interest of all the unit holders in the respective schemes.

Dividend and growth option in respective merging schemes would be merged with respective surviving schemes.

In case the investor is not in agreement with the aforesaid change, investors have the option to exit from the scheme without payment of any exit load. The option to exit can be exercised from 30 June 2011 to 29 July 2011.

Change in Fund Manager for ICICI Prudential Multiple Yield Fund
ICICI Prudential Mutual Fund has announced that the Equity Portion of ICICI Prudential Multiple Yield Fund shall be managed by Mr. Mrinal Singh.

Mrinal is BE and PGDM and has over 9 years of experience of which 3 years as Equity Analyst.

Some of the other schemes managed by him are ICICI Prudential Advisor Series, ICICI Prudential Discovery, ICICI Prudential MIP 25 (Equity Portion), ICICI Prudential MIP (Equity Portion), ICICI Prudential Child Care Plan – Study Plan – Equity Portion, ICICI Prudential Technology and ICICI Prudential Emerging S.T.A.R.

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