MUMBAI, FEB 12: In a major restructuring in the mutual fund sector, two schemes of Apple Asset Management Company have been transferred to Birla Asset Management Company. Apple Asset Management has entered into an agreement with Birla Asset Management to appoint them as the investment manager for its two schemes, Apple Midas Fund-the Goldshare and Apple Platinum, subject to approval of SEBI and the unitholders of Apple AMC Ltd.The present investment manager will relinquish thereafter their responsibilities as the investment manager in favour of Birla Capital AMC who are managing the largest private sector mutual fund in the country. The Apple Midas Fund has a corpus of 3 crore units with the present NAV of Rs 12.53 as on February 11 and Apple Platinum share has a total corpus of 1.2 crore units with the present NAV of Rs 9.12 as on February 11.
Apple Mutual Fund Ltd has accorded its approval to this agreement. Apple Finance Ltd is the sponsor of Apple Mutual Fund. Apple AMC is the wholly owned subsidiaryof Apple Finance Ltd. Apple Finance has decided to withdraw from the investment management activity of the mutual fund.
Birla Asset Management Company, belonging to the Aditya Birla group, had recently restructured the operations by parting ways with Capital International of the US and roping in a Canadian Insurance firm as partner.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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