Kochi, Kerala, India
Fidelity Fund Management has entered into an agreement with Federal Bank, one of India's premier private sector banks, for the distribution of its products. Mr. M. Venugopalan, Chairman, Federal Bank, and Ms. Ashu Suyash, Managing Director and Country Head, Fidelity Fund Management, announced the distribution tie-up at a press conference today. Fidelity Fund Management's entire suite of mutual funds will now be available at more than 600 branches of Federal Bank throughout the country.
Speaking on the occasion, Mr. M. Venugopalan, Chairman, Federal Bank, said, "With this partnership our customers will have easier access to Fidelity's range of funds. This is another step towards offering our customers holistic financial solutions of Fidelity Fund's mutual funds for retail investors to participate in the equity markets."
Ms. Suyash added, "We are delighted with our distribution tie-up with Federal Bank and look forward to partnering them as our funds become available at their branches across India. Distribution holds the key to the growth of the Indian mutual fund industry and we believe that banks, with their extensive branch networks and close relationships with customers, have a key role to play in popularising mutual funds as a preferred investment option."
About Federal Bank Limited
Federal Bank is a leading private sector Bank in the country with a network of more than 600 branches and 535 ATMs. The Bank also has distribution tie-ups with Birla Sun Life MF, DBS Cholamandalam MF, DSP Merrill Lynch MF, Franklin Templeton MF, HDFC MF, HSBC MF, ICICI Prudential MF, Kotak Mahindra MF, Reliance MF, SBI MF, Sundaram BNP Paribas MF, Tata MF & UTI MF, to distribute their products through its selected branches all over India. Recently Federal Bank was awarded the 'Best Core Banking Project Award 2007' by Asian Banker for a project involving the replacement of a Core banking System.
About Fidelity Fund Management
Fidelity Fund Management Private Limited started operations in the country in 2004. Its first fund, the Fidelity Equity Fund, was launched in March 2005. Today, with total assets under management of over Rs.8000 crores (Source: AMFI as at March 31, 2008) and more than 1.5 million customer accounts, Fidelity offers Indian investors investment options through its five equity funds and four fixed income funds.
With the launch of the Fidelity International Opportunities Fund last year, Fidelity brought its expertise in international investing to India. It was also the first to bring a new category of funds to India when it launched the Fidelity India Special Situations Fund. The three other equity funds are the Fidelity Equity Fund, the Fidelity Tax Advantage Fund and the Fidelity India Growth Fund. Fidelity launched its Fixed Income business in India in late 2006 and currently has four funds in this range - Fidelity Cash Fund, Fidelity Liquid Plus Fund, Fidelity Short Term Income Fund and Fidelity Multi Manager Cash Fund. For more information, please visit www.fidelity.co.in
Fidelity Fund Management Private Limited is the Indian arm of FIL Limited (FIL), one of the world's leading global investment management companies with operations in 23 countries. FIL provides mutual funds, retirement services, including defined benefit and defined contribution pension schemes, and specialist institutional mandates to individual and institutional investors outside the Americas. FIL's US affiliate, Fidelity Management and Research LLC (FMR) is one of the US's largest mutual fund companies. FIL has constant access to the investment analysis carried out by FMR and Pyramis. FIL benefits from the insights of nearly a thousand investment professionals around the globe1, covering 95% of the world's stock markets by capitalisation2. Central to Fidelity's success is a pioneering spirit, a commitment to innovation that sets new industry standards and an unmatched investment in research, talent, technology and investor education.
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Sources:
-- FIL Limited and FMR LLC as of 31 December 2007. Data is unaudited. Investment professionals include division management, portfolio managers, traders, research analysts and research associates. These figures reflect the resources of FIL Limited (FIL) and its subsidiaries and FMR LLC, an affiliate, and its subsidiaries.
-- Fidelity Equity Research as of 1 January 2007. These figures reflect the resources of FMR LLC, a US company, and its subsidiaries, and those of FIL Limited, a non-US company and affiliate, and its subsidiaries.
Scheme classification & investment objectives:
Fidelity Equity Fund ("FEF") is an open ended equity growth scheme with an objective to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities. Fidelity India Special Situations Fund ("FISS") is an open ended equity growth scheme with an objective to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities including equity derivatives. Fidelity Tax Advantage Fund ("FTAF") is an open ended equity linked savings scheme with an objective to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities. Fidelity International Opportunities Fund ("FIOF") is an open ended equity growth scheme with an objective to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related securities including equity derivatives in the Indian and international markets. Fidelity India Growth Fund ("FIGF") is an open ended equity growth scheme with an objective to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities, including equity derivatives, in the Indian markets. Fidelity MultiManager Cash Fund ("FMCF") is an open ended cash fund of funds scheme with an objective to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, from a portfolio predominantly made up of liquid / cash schemes of mutual funds registered with SEBI. Fidelity Short Term Income Fund ("FSTIF") is an open ended income scheme with an objective to generate reasonable returns through a diversified portfolio of fixed income securities. Fidelity Cash Fund ("FCF") is an open ended liquid scheme with an objective to deliver reasonable returns with lower volatility and higher liquidity through a portfolio of debt and money market instruments. Fidelity Liquid Plus Fund ("FLPF") is an open ended debt scheme with an objective to generate reasonable returns and liquidity primarily through investment in money market and short term debt instruments.
Risk factors:
-- Mutual funds, like securities investments, are subject to market risks and there is no guarantee against loss in the schemes or that the schemes' objectives will be achieved.
-- As with any investment in securities, the NAV of the Units issued under the schemes can go up or down depending on various factors and forces affecting capital markets.
-- Past performance of the Sponsor or mutual funds managed by the Sponsor does not indicate the future performance of the schemes of Fidelity Mutual Fund.
-- FEF, FTAF, FISS, FIOF, FIGF, FSTIF, FMCF, FCF and FLPF are the names of the schemes, and these do not in any manner indicate the quality of the schemes, its future prospects or returns. Investors in FMCF will bear the recurring expenses of the Scheme in addition to the expenses of the Underlying Schemes and therefore the returns that they may obtain may be materially impacted or at times may be lower than the returns that they may obtain by investing directly in the Underlying Schemes.
-- All the schemes shall be subject to the risks associated with the instruments in which they invest.
-- Please read the offer document of respective schemes before investing. Investors can contact ISCs at the toll-free number "1 800 180 8000".
Statutory:
Fidelity Mutual Fund ('the Fund') has been established as a trust under the Indian Trusts Act, 1882, by Fidelity International Investment Advisors (liability restricted to Rs. 1 Lakh). Fidelity Trustee Company Private Limited, a company incorporated under the Companies Act, 1956, with a limited liability is the Trustee to the Fund. Fidelity Fund Management Private Limited, a company incorporated under the Companies Act, 1956, with a limited liability is the Investment Manager to the Fund. Fidelity, Fidelity International and Pyramid Logo are trademarks of FIL Limited.
Source: Fidelity Fund Management (Business Wire India)
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