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Mutual funds add Rs 3.15 lakh crore to asset base in 2019

Mutual funds add Rs 3.15 lakh crore to asset base in 2019

Finance
Mutual funds have added a whopping Rs 3.15 lakh crore to their asset base in 2019 on the back of robust inflows in debt schemes and measures taken by regulator Sebi for boosting investor confidence. The asset under management (AUM) of the industry rose by over 13 per cent (Rs 3.15 lakh crore) to Rs 26.77 lakh crore at the end of last month, up from Rs 23.62 lakh crore at the end of December 2018, as per the latest data available with the Association of Mutual Funds in India (Amfi). The AUM growth seen by the 44-member mutual fund industry in 2019 is significantly higher than 7.5% witnessed in 2018. However, the growth was much more higher at 32% in 2017, when the asset base expanded by over Rs 5.4 lakh crore. Industry experts said the double-digit growth is a positive sign given the negati...
Hijacked Bank of England audio feed sold to hedge funds seconds ahead of broadcast

Hijacked Bank of England audio feed sold to hedge funds seconds ahead of broadcast

Business
Hedge funds could have gained a crucial advantage over rivals by listening to a hijacked audio feed of Bank of England press conferences a few seconds ahead of the TV broadcast.An investigation by The Times newspaper revealed a back-up communications system installed by the Bank a few years ago had been hijacked and shared with a market news service. The newspaper claimed those paying for the audio feed, via the third party supplier, would receive details of the Bank's news conferences up to eight seconds before those using the television feed - potentially making them billions of pounds.It is alleged the supplier charged each client a subscription fee and up to £5,000 per use.The system, which had been misused by the supplier since earlier this year, was installed in case the Bloomberg-ma
European Space Agency gets more funds, also for Moon mission

European Space Agency gets more funds, also for Moon mission

Technology
The 22 member states of the European Space agency have pledged to boost their funding to support more missions and research projects, including a new generation of satellites to monitor climate changeByThe Associated PressNovember 28, 2019, 4:14 PM2 min read The 22 member states of the European Space agency pledged Thursday to boost their funding to support more missions and research projects, including a new generation of satellites to monitor climate change. The agency’s director-general, Jan Woerner, said at the conclusion two-day ministerial meeting in Seville, Spain, that member states pledged a record three-year budget of 12.5 billion euros ($ 13.7 million) plus an additional 1.9 billion euros to cover operational costs and basic research in years four and five. “14.4 billion euros.
Mutual funds unlikely to get priority in DHFL refund

Mutual funds unlikely to get priority in DHFL refund

Finance
NEW DELHI: Even as mutual funds have been impatient regarding their dues from crisis-hit DHFL, which will soon go the insolvency way, legal experts say that it is unlikely that the funds would be the first in the list of creditors to get back their dues. They are also of the view that the fund houses would have to take a haircut, much against the their wish of incurring any such paring down of their refunds. Mutual fund houses want the Wadhawans, the promoters of Dewan Housing Finance Corp Ltd (DHFL), to arrange funds and pay back their dues and are likely to raise the issue in the committee formed by the Reserve Bank of India (RBI) to administer DHFL. "I don't think it is possible legally. Any resolution has to be comprehensive, it cannot be that one party gets the money out of the system...
‘Sebi decision to increase PMS limit is positive for mutual funds’

‘Sebi decision to increase PMS limit is positive for mutual funds’

Finance
The Securities and Exchange Board of India’s move to increase the minimum amount required to invest in Portfolio Management Schemes (PMSs) might help mutual funds, say mutual fund participants. Sebi, in a board meeting on Wednesday, decided to raise the minimum investment amount of clients for PMSs to Rs 50 lakh from Rs 25 lakh. Sebi also increased the net worth requirement of portfolio managers to Rs 5 crore from Rs 2 crore. “I believe the move is positive for the mutual fund industry. Sebi has increased the threshold for the minimum investments which will lead to more money flowing to the mutual fund industry. Also, the increase in net worth of PMSs will lead to lesser players in that space. I don’t think boutique players can manage to have a Rs 5 crore net worth to begin with. So, we ar