Chola DBS sells mutual fund business to L&T Finance

October 6th, 2009 CHENNAI - Private non-life insurer Cholamandalam MS General Insurance Tuesday announced a tie-up with Tamil Nadu State Cooperative Bank to sell its products through two district cooperative banks. Chola MS hopes to sell motor, health, accident, cattle and agricultural insurance schemes through the branches and agricultural societies of Dharmapuri District Central Co-operative Bank and Salem District Central Co-operative Bank, the company said.

October 1st, 2009 CHENNAI - The Rs.15,600-crore diversified Murugappa group is planning major business expansion including acquisitions to more than double its turnover in five years, a top company official says. According to A.

September 17th, 2009 Money fund assets fell to $3.482T in latest weekNEW YORK — Total money market mutual fund assets fell by $62.6 billion to $3.482 trillion for the week, the Investment Company Institute said Thursday. Assets of the nation's retail money market mutual funds fell by $10.36 billion in the latest week to $1.151 trillion.

September 10th, 2009 Money market fund guarantee program to endWASHINGTON — The Obama administration said Thursday that a program used to guarantee as much as $3 trillion in money market mutual fund assets will end on schedule next week. The program, which will be closed down on Sept.

August 14th, 2009 Money fund assets fell to $3.594T in latest weekNEW YORK — Total money market mutual fund assets fell $12.83 billion to $3.594 trillion for the week, the Investment Company Institute said Thursday. Assets of the nation's retail money market mutual funds fell $11.43 billion in the latest week to $1.179 trillion.

August 7th, 2009 Money fund assets fell to $3.606T in latest weekNEW YORK — Total money market mutual fund assets fell $27.45 billion to $3.606 trillion for the week, the Investment Company Institute said Thursday. Assets of the nation's retail money market mutual funds fell $6.94 billion in the latest week to $1.19 trillion.

August 4th, 2009 CHENNAI - Non-life insurer Cholamandalam MS General Insurance (Chola MS), a joint venture between city-based Murugappa Group and Japan's Mitsui Sumitomo Insurance Group, Tuesday said it will continue targeting Korean and Japanese firms operating in India for selling its products. "Our strategy in India will be to expand the retail business, bring the technical knowhow in risk management from Japan to the country and train Chola MS employees in Japan and Singapore," Toshiaki Egashira, president and chief executive of Mistsui Sumitomo Insurance, told reporters here.

July 30th, 2009 Money fund assets fell to $3.6 trillion this weekNEW YORK — Total money market mutual fund assets fell $21.98 billion to $3.634 trillion for the week, the Investment Company Institute said Thursday. Assets of the nation's retail money market mutual funds fell $10.06 billion in the latest week to $1.197 trillion.

July 28th, 2009 AIG sells life insurance premium finance businessNEW YORK — Insurer American International Group Inc. said on Tuesday that it closed the sale of its life insurance premium finance business for $679.5 million in cash.

July 21st, 2009 Freddie Mac names new top executiveWASHINGTON — Charles "Ed" Haldeman Jr., a former mutual fund executive, will take the helm of Freddie Mac next month, the mortgage finance company said Tuesday. Three weeks ago, Haldeman, 60, stepped down as chairman of Boston-based Putnam Investments' mutual fund unit.

July 2nd, 2009 'Genocide-free' proposal rejected at VanguardBOSTON — Shareholders of Vanguard Group have rejected an activist proposal that would have required stronger screening of investments that may be linked to genocide. A proposal backed by the group Investors Against Genocide fell far short of majority support at a shareholders meeting the mutual fund company held Thursday in Scottsdale, Ariz.

July 1st, 2009 Visa sells shares of Brazilian business under IPOSAN FRANCISCO — Visa Inc. on Wednesday said that through its international subsidiary, it has sold roughly 136.5 million shares of its Brazilian business in connection with its initial public offering.

July 1st, 2009 NEW DELHI - Private sector mutual funds are likely to outperform state-owned funds for the sixth consecutive year, accounting for over 78 percent of the mutual fund market till May 31, says a report. "The market share of PSU mutual funds in the overall aggregate AUM (assets under management) has fallen sharply from 71.77 percent to 21.59 percent during the period between years 2000 and 2009," according to a survey by brokerage firm SMC Capitals.

June 17th, 2009 MUMBAI - Mutual funds should look at increasing their assets under management (AUM) from retail investors given the huge redemption pressures faced by some funds last year, the market watchdog chief said Wednesday. "Higher percentage of AUM must come from retail.

April 28th, 2009 KOLKATA - The city-based residuary non-banking finance firm Peerless General Finance and Investment Co is likely to launch its own mutual fund next year, a senior company official said here Tuesday. 'We have got in-principle approval from SEBI (Securities and Exchange Board of India) and within the next six months we hope to get the final approval.