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Canara Robeco to launch 3-4 MF schemes

By SiliconIndia   |   Thursday, July 30, 2009
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Bangalore: Canara Robeco, a joint venture between Canara Bank and Netherlands-based Robeco has announced that it is planning to launch at least 3-4 mutual fund (MF) schemes over the next one year. The fund, which manages around Rs. 8,000 crore of assets, plans to sequentially launch a mix of equity and debt schemes in coming months. Canara Robeco, Head-Equities, Anand Shah said, "We hope to launch a sustainable clean energy or a sustainable water fund from Sustainable Asset Management - a subsidiary of Robeco - subject to necessary approvals." The fund intends to select the scheme type after doing the necessary groundwork and intends to file the prospectus for the scheme with Securities & Exchange Board of India (Sebi). The first scheme could possibly be an equity fund and may have an exposure in sustainable renewable energy segment. Meanwhile, Canara Robeco Asset Management firm has rationalized its product basket by merging some of the existing MF schemes. It merged Canara Robeco Balance Scheme with Canara Robeco Balance Scheme II and renamed it as Canara Robeco Balance. It also merged Canara Robeco Expo and Canara Robeco Fortune 94 with Canara Robeco Equity Diversified Scheme. From an infrastructure focus, the schemes now concentrate on consumption segment including sectors like telecom, banking, auto, pharma and cement. At present, Canara Robeco manages 14 mutual fund schemes including six equity funds, two hybrid schemes and seven fixed income plans.
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