Page 6 - Asset Management

Sebi empanels 34 entities for forensic investigation of MFs, AMCs, trustees

Sebi has empanelled 34 entities, including Ernst & Young LLP, Deloitte Touche Tohmatsu India LLP and Grant Thornton Bharat LLP to conduct forensic investigation of mutual funds, their asset management companies (AMCs) and trustees. KPMG Assurance and Consulting Services LLP, Chokshi & Chokshi LLP, Nangia & Co LLP and Pipara & Co LLP are among the other empanelled entities, the Securities and Exchange Board of India (Sebi) said in a latest update. The period of empanelment is from September 20, 2023 to September 19, 2026, it added. These 34 entities have been empanelled after evaluation of all the applications in response to Expression of Interest (EoI) invited by the capital markets regulator in February. The entities are required to undertake acquisition, extraction and analysis of digital evidence from mobile, computers, tablets, hard drives and USB drives. Also, they need to prepare and submit a report mentioning the findings and conclusions of the analysis. In ...

AMC TPG will invest Rs 2,788 crore in data management company Denodo

Asset management company TPG has committed an investment of USD 336 million (Rs 2,788 crore) in data management firm Denodo, the two companies said on Thursday. The fresh investment by TPG will lead to sale of shares by Denodo's existing investor HGGC. The transaction is expected to close in early October following customary regulatory approvals. HGGC, which invested in Denodo's Series A investment round in 2017, will remain a significant investor, the companies said in a statement. TPG Partner Mike Zappert said, "With a market-leading net promoter score of over 50, the company has built a notable roster of marquee, global customers including TPG, and we see a tremendous opportunity to accelerate Denodo's expansion going forward." Denodo CEO and founder Angel Via said, "We look forward to leveraging TPG's deep experience to continue the rapid expansion of our global market share. We are equally thrilled that HGGC will remain an important investor in Denodo and are thankful for thei

AUM of NPS, APY crosses Rs 10 trillion: PFRDA chairman Deepak Mohanty

PFRDA plans to come out with a systematic withdrawal plan

Asset under management of NPS and APY crosses milestone of Rs 10 trillion

Asset under management of National Pension System (NPS) and Atal Pension Yojana (APY) has crossed a milestone of Rs 10 lakh crore, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty said on Friday. The landmark AUM was reached on August 23 and it took two years and 10 months to double from Rs 5 lakh crore. Of the total, AUM under APY stood at Rs 30,051 crore at the end of August 25 while the figure for NPS Lite reached Rs 5,157 crore. The number of subscribers under the National Pension System (NPS) and Atal Pension Yojana (APY) together increased to more than 6.62 crore. The National Pension System (NPS) has been implemented for all government employees (except armed forces) joining central government on or after January 1 2004. Most of the state/UT governments have also notified the National Pension System (NPS) for their new employees. NPS has been made available to every Indian citizen from May 1 2009 on a voluntary basis. Further, from June 1, 2

JPMorgan Index may include India's sovereign bonds in 2024, says Pictet

India has in recent years come close to opening its $1 trillion government debt market to more global funds before pulling back from meeting the requirements for index inclusions

Can the Jio-BlackRock joint venture stir the AMC pot? What analysts say

Growth expectations of incumbent AMC players may get trimmed in the medium-to-long term, analysts said, once the Jio-BlackRock JV unveils its plans

BlackRock to enter India's asset management sector with Jio Financial JV

JFS and BlackRock are targeting initial investment of $150 million each in the joint venture

Sebi puts in place regulatory framework for mutual fund's sponsors

Capital market watchdog Sebi on Friday came out with a regulatory framework for private equity funds sponsoring a mutual fund house as well as for self-sponsored Asset Management Companies (AMCs). Under the framework for private equity (PE) funds, Sebi said the applicant is required to have a minimum of five years of experience in the capacity of fund manager and an experience of investing in the financial sector. It should have managed, committed and drawn-down capital of at least Rs 5,000 crore. The mutual fund sponsored by the PE would not participate as an anchor investor in the public issue of an investee company, where any of the schemes and funds managed by the sponsor PE has an investment of 10 per cent or more or a board representation. "The experience, track record, and eligibility regarding the fit and proper criteria of any applicant PE to become a sponsor of a mutual fund shall be ascertained through its conduct in the respective home jurisdiction," Sebi said in a ...

HDFC AMC, UTI AMC: Charts suggest up to 15% rally in select AMC shares

Selective AMC stocks like HDFC Asset Management Company and Nippon Life India Asset Management may rise up to 15%

Sun Life Asia Service Centres rebrands itself as Sun Life Global Solutions

The GCC plans to increase headcount by about 700 this year in India

Asset under management may cross Rs 10 trillion by Sept: PFRDA chairman

The AUM under pension schemes is expected to cross the landmark figure of Rs 10 lakh crore in the first half of this fiscal, helped by regular contributions from subscribers, PFRDA Chairman Deepak Mohanty has said. As per the latest figure, assets under management (AUM) -- including National Pension Scheme (NPS), Atal Pension Yojana (APY) and NPS Lite -- increased to Rs 9.58 lakh crore. "We have reached an AUM size of about Rs 9.5 lakh crore. So, one will not be surprised that by the middle of this financial year, we could cross the magical figure of 10 lakh crore of NPS corpus," he told PTI in an interview. It depends on so many other things like the return that the fund generates and the performance of the market, the Pension Fund Regulatory and Development Authority (PFRDA) chairman said. The AUM corpus is mark-to-market, so the adverse moment in the market impacts the corpus. Out of Rs 9.58 lakh crore, he said, NPS alone has a fund size of Rs 9.29 lakh crore while the remainin

Vivriti seeks $250 mn for India's debut ABS private debt investment

"It will be a performing private credit, which is targeting a rupee return of 11%-12% for its investors, implying a dollar return of anywhere between 7% to 8%," Sukumar said

MF's NFO collection drops 42% to Rs 62,342 cr in FY23; AMCs float 12 NFOs

Hit by markets regulator Sebi's ban on the launch of new fund offerings, mutual funds' collection through fresh schemes remained subdued at Rs 62,342 crore in 2022-23, which was 42 per cent lower than in the preceding fiscal. However, a higher number of NFOs were launched in 2022-23 (FY23) compared to the preceding year. A total of 253 new schemes were floated in FY23, which was way higher than 176 new fund offers (NFOs) launched in 2021-22, according to the data compiled by Morningstar India. Moreover, in the current fiscal so far, AMCs have floated 12 NFOs in different categories, the industry data stated. In the past fiscal year, fund managers focused on passive funds and fixed income categories like fixed maturity plans. As per the data, a total of 182 open-end funds and 71 closed-end funds were launched in the financial year 2022-23, and cumulatively, these funds garnered Rs 62,342 crore. In comparison, 176 NFOs were floated in 2021-22 and cumulatively, these funds were able

Sebi asks AMCs to file final offer documents digitally as part of Go Green

Markets regulator Sebi on Tuesday asked asset management companies (AMCs) to file final offer documents only digitally as a part of its "go green" initiative. In addition, to safeguard the interests of investors in the securities market, Sebi said all new fund offers (NFOs) will remain open for subscription for a minimum period of three working days. The new framework will be applicable with effect from May 1, 2023, the Securities and Exchange Board of India (Sebi) said in a circular. Under the framework, AMCs will have to file all final offer documents -- SID (scheme information document) and KIM (key information memorandum) -- only digitally by e-mailing the same to a dedicated e-mail ID, and there would be no requirement of filing physical copies of the same with Sebi. Such submission of all final SID and KIM in digital form will have to be made at least two working days before the launch of the scheme. As per the current rules, Sebi mandated the submission of a soft copy of th

Alternative credit firm BlackSoil says FY23 investments grew 55% YoY

Mumbai-based says it is helping start-ups as funding winter continues for sector

Cash calls don't add value if you're bullish for long-term: Anup Maheshwari

'Given the small caps' underperformance vis-a-vis large caps last year, they are at a slightly better position valuation wise'

Govt may deal a tax blow to debt mutual funds; AMC stocks under pressure

If the proposed amendment to the Finance Bill gets cleared, investments across durations will be taxed as STCG

MFs, AMCs get more time to submit applications for empanelment of auditors

Capital markets regulator Sebi on Tuesday extended time till March-end for submission of applications for empanelment of forensic auditors for mutual funds, asset management companies (AMCs) and trustee entities. Earlier, the interested entities were required to submit applications by March 6. "It has been decided to extend the last date for submission of application and the revised date for submission of application is March 31, 2023," the capital markets regulator said in a public notice. On February 11, the Securities and Exchange Board of India (Sebi) had invited applications from eligible firms for empanelment of forensic auditors for MFs, their AMCs and trustee companies. After being empanelled, the auditors would take up assignments related to forensic audit of mutual funds, their AMCs and trustee companies or board of trustees. The applicants are required to undertake acquisition, extraction and analysis of digital evidence from mobile, computers, tablets, hard drives and

Wealth of prosperous Asians to reach $4.7 trillion by 2026: McKinsey report

A McKinsey analysis has revealed that the wealth pool of this group is projected to hit $4.7 trillion by 2026, up from $2.7 trillion in 2021, thanks to the rise in their incomes

GQG Co-founder Rajiv Jain is creating an investing empire in Florida

In 2022, when most asset managers watched clients yank cash from their funds as markets cratered, GQG thrived