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<ul><li>Historically, silver has been a potential hedge against times when the markets have gone through a crisis. </li><li>The Kotak Silver ETF Fund of Fund is an open ended ETF replicating/tracking the price of silver. </li></ul>Kotak Mahindra AMC announced the launch of Kotak Silver ETF Fund of Fund on Monday. It’s an open-ended fund of fund scheme that invests in units of Kotak <keyword id="16779851" type="General" weightage="20" keywordseo="silver-exchange-traded-funds" source="Orion">Silver exchange traded funds</keyword> or ETFs. The New Fund Offer opens for public subscription on March 13, 2023 and closes on March 27, 2023. “We are launching Kotak Silver ETF Fund of Fund to make it easier for investors to diversify their portfolios with convenient access to this precious metal, which has various industrial applications. The current silver prices present a potential opportunity for those interested in allocating funds to this asset in the medium to long term,” said Nilesh Shah, managing director, Kotak Mahindra Asset Management Co. Apart from jewellery, silver is used for various purposes. Every computer, mobile phone, automobile, photovoltaics, applications and solar cells, ball bearings, catalysts and water purification devices use silver. Silver is also used in medicines, and plays an important role in renewable technology. Demand for silver on the rise According to the World Silver Survey, 2021 saw the largest annual growth in mined silver. The demand for silver has also recently overpowered its supply. Record inflows into silver Exchange Traded Products (ETPs) were also recorded in 2021, With a rise of 6%, ETP holdings surpassed one billion ounces. In the past, silver as a commodity had provided protection during crises. For instance, during the recent Russia-Ukraine conflict, while Nifty50 fell by 10%, silver prices surged by 12%, said Kotak AMC in its press release. According to Bloomberg Data, during Covid 19 (February 1, 2020 to March 24, 2020) Nifty50 returned -33% while silver returned -14%. During the subprime mortgage (January 1, 2008 to February 27, 2009), Nifty50 gave negative returns of 54% while silver gave a positive 13% return. Silver has generated 80% returns in the last five years. The correlation of silver with other asset classes is low. With gold, Nifty and debt it has a correlation of 0.6, 0.3 and 0.2% respectively, thus making it an important part of a portfolio, Kotak AMC said. Investing in silver via an ETF has several benefits. “There are no making costs (like in purchase of silver jewelry) or storage costs. Investing in silver gives your portfolio the required diversification as we have seen how the correlation of silver with other asset classes is low,” Kotak said, adding that investors may consult their financial expert before making any investment decision.

Kotak Mahindra AMC launches Silver ETF Fund of Fund

<ul><li>India's benchmark stock indices Sensex and Nifty have been volatile in early trade.</li><li>High-stakes election that has kicked off today has kept a lid on market bets.</li><li>The country's stock traders are mostly positioned for another win for Narendra Modi-led BJP.</li></ul> Markets around the world have been a bit shaken by the American central bank's cautious view of the world's largest economy. Global investors fear that any turbulence in the US could rattle the entire world. The market confidence in India, the world's fastest-growing economy, is further capped by the Parliamentary elections that have kicked off today (April 11). Benchmark indices, Sensex and Nifty, see-sawed in early trade, rising above only to slide below the closing count a day before. Meanwhile, 142 million voters in 20 states and union territories are expected to vote in the first phase of voting for the seventeenth general election in the country. Stocks in the auto, financial services, and fast-moving consumer goods space were in the green, but only slightly, while all other sectoral indices slid lower on the National Stock Exchange. Reports of fresh capital infusion by the government into state-owned banks did not boost the sentiment. Even the robust bidding for luxury cars owned by fugitive diamantaire Nirav Modi did not help the <a href="https://www.hindustantimes.com/mumbai-news/bid-for-nirav-modi-s-luxury-cars-from-rs-2-38-lakh-to-rs-1-33-crore/story-LvG46FN96vUVg8rU78RfpO.html" data-type="tilCustomLink" target="_blank">shares of Punjab National Bank</a>, one of the victims of the loan frauds by Modi's company. One of the biggest worries in the minds of the domestic investors is the money that is stuck with the mutual funds. Kotak Mahindra Asset Management Company <a href="https://www.moneycontrol.com/news/business/opinion-the-risk-in-fixed-maturity-plans-is-now-out-in-the-open-3801541.html" data-type="tilCustomLink" target="_blank">has reportedly written to those who invested</a> in one of its fixed maturity plans that it will not be able to pay the entire redemption amount now. Small investors who are risk averse pick fixed maturity plans. The money pooled is lent to companies with the assurance that people can take investments back after a fixed amount of time and definite returns. Of course, the market risks associated with mutual funds remain. In this case, because the borrower has sought more time to repay the loans, the mutual fund has sought more time from its investors before the fund can be redeemed. The case of <keyword id="533729" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-AMC">Kotak Mahindra AMC</keyword> is one of the many mutual funds who are left only with prayers to recover the billions of investment in beleaguered companies like Infrastructure Finance and Leasing Services (IL&amp;FS), Essel Group, and Dewan Housing Finance among others. The risks that have emerged from the unraveling crisis in India's shadow banking sector has shaken market confidence. Indian equities fell sharply on Wednesday too, after the International Monetary Fund (IMF) revised down the global growth forecast fuelling fears of a global slowdown. Caution was also seen among investors ahead of the start of earning season and for fresh trade tensions between the US and the European Union. SEE ALSO: <a href="https://www.businessinsider.in/lok-sabha-elections-2019-first-phase-of-polling-key-issues-in-all-states/articleshow/68824300.cms" data-type="tilCustomLink" target="_blank">142 million voters go to polls today in 20 states— here’s a look at the key issues in every state</a> <a href="https://www.businessinsider.in/jammu-and-kashmir-lok-sabha-elections-2019-key-issues-affecting-voter-sentiment/articleshow/68822326.cmshttps://www.businessinsider.in/jammu-and-kashmir-lok-sabha-elections-2019-key-issues-affecting-voter-sentiment/articleshow/68822326.cms" target="_blank">Democracy’s appeal is under test in the shadow of the world’s highest battleground</a> <a href="https://www.businessinsider.in/maharashtra-lok-sabha-elections-2019-first-phase-polling-will-see-angry-farmers-voting/articleshow/68820156.cms" target="_blank">This state going to polls today is the picture of India's rising inequality</a>

India's 2019 election is only one of the market's many worries

UTI Asset Management Company (AMC) has received markets regulator Sebi's go ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO). The IPO of the country's largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the <keyword id="9447718" type="UNKNOWN" weightage="20" keywordseo="draft-red">draft red</keyword> herring prospectus (DRHP). State Bank of India (SBI), <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 38,03,617 shares each. The public offer is expected to raise a little over Rs 3,000 crore, market sources said. UTI AMC, which had filed draft papers with Sebi in December 2019, obtained its observations on June 16, latest update with the markets watchdog showed. Sebi's observations are necessary for any company to launch <keyword id="122704" type="PERSON" weightage="20" keywordseo="public-issues">public issues</keyword> including initial share-sale, follow-on public offer and rights issue. SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the company. <keyword id="39409" type="COMPANY" weightage="20" keywordseo="Kotak">Kotak</keyword> Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer. The shares of the company are proposed to be listed on BSE and NSE. As of September 30, 2019, the company had the largest share of monthly average AUM. In December 2019, Sebi had asked SBI, LIC and PNB to dilute their stakes to below 10 per cent in UTI AMC by December next year. Under Sebi's mutual fund regulations, a shareholder or a sponsor owning at least 10 per cent stake in an AMC is not allowed to have 10 per cent or more stake in another mutual fund house operating in the country. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-infoedge-biocon-and-peers-safe-stocks-for-2020/articleshow/76523192.cms" data-type="tilCustomLink"> HCL Tech, InfoEdge, Biocon and their peers may be safe stocks to hide for the rest of 2020</a> <a href="https://www.businessinsider.in/tech/news/googles-sundar-pichai-facebook-and-amazon-heres-how-american-companies-reacted-to-donald-trumps-h1-b-visa-freeze/articleshow/76522530.cms" data-type="tilCustomLink">Google’s Sundar Pichai, Facebook and Amazon — here’s how American companies reacted to Donald Trump’s H1-B visa freeze</a>

The IPO from India's largest asset management company UTI AMC is ready to hit the street

New Delhi, May 20 () Franklin Templeton Trustee Services has appointed Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) to assist the trustees in monetising portfolios of the six schemes that are being wound up. Kotak Mahindra Bank, through its debt capital markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up, Franklin Templeton Mutual Fund said in a statement. Trustees of Franklin Templeton MF said that Kotak Mahindra Bank, a highly reputed firm with strong corporate governance practices and deep financial market experience, will, wherever required, act as their agent and provide its independent advice and assistance to the trustees through the entire process. The appointment will provide the trustees with the added experience and ability to monetise assets at the earliest possible time. "Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time, and we will partner with the board of trustees and Kotak Mahindra Bank to ensure an efficient wind-up of these schemes, while preserving maximum value for our investors," said Sanjay Sapre, president of Franklin Templeton India. Sujata Guhathakurta, president (debt capital markets) at Kotak Mahindra Bank, said the bank is looking forward to working closely with the trustees and the asset management company (AMC) to assist them in wind-up of these schemes. Last month, the fund house had closed six of its debt funds, citing redemption pressures and lack of liquidity in the bond markets. These schemes, together having an estimate amount of over Rs 25,000 crore assets under management, were Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund. SP HRS

Franklin Templeton appoints Kotak Mahindra Bank to assist in monetising assets of 6 wind-up schemes

New Delhi, Apr 21 () Markets regulator Sebi on Tuesday disposed of insider trading charges against Kotak Mahindra Life Insurance Company in the matter of Manappuram Finance. It was alleged that Kotak Mahindra Life Insurance Company (earlier known as Kotak Mahindra Old Mutual Life Insurance) sold shares of Manappuram Finance Ltd (MFL) while in possession of unpublished price sensitive information (UPSI) about the company and thereby violated insider trading norms. Sebi, pursuant to investigation in the matter of selective disclosure of UPSI by MFL, observed that Kotak had sold its shares while allegedly in possession of UPSI during March 1-20, 2013 and allegedly violated PIT (Prohibition of Insider Trading) Regulations. Sebi noted that officials of MFL met Ambit Capital Pvt Ltd's research analysts on March 18, 2013 to seek market guidance about the quarterly results and future outlook. Ambit published a research report based on the meeting which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours. In the research report, Ambit had changed its rating of MFL's stock from "buy" to "under review." Ambit published the report based on the meeting which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours. The information of negative profit for the fourth quarter of FY2012-13, which is deemed to be price sensitive information, was disclosed to the stock exchanges by MFL on March 20, 2013 after market hours and the information was already in the public domain before that. Sebi said Kotak was not in a position to know that the information that was distributed in the research report or discussed in the conference call or being covered by media is UPSI. The transactions of Kotak was purely from the point of view of the individual holding life insurance policies issued by the company, and selling of the scrip of MFL during that time was necessary to avoid significant loss to the policy holders in the scheme, since the price of the scrip was rapidly falling after the research report was issued in the morning of March 19, 2013, it added. "It may be noted that the noticee (Kotak) is bound by its fiduciary responsibility with the policy holders to act in their best interest," Sebi said. "I do not find a reasonable and acceptable degree of probability towards proving beyond doubt or even, without existence of significant doubt that Noticee (Kotak) had traded in the scrip of MFL when in possession of UPSI and hence, the allegation of violation of...PIT Regulations...does not stand established," Sebi Adjudicating Officer Vijayant Kumar Verma said while disposing of the show cause notice without any penalty. Earlier, Sebi had disposed of insider trading allegations against four mutual fund houses -- SBI Funds Management, Aditya Birla Sunlife AMC, IDFC Asset Management Company and BNP Paribas Asset Management -- in the same matter. SP RVK

Manappuram Fin: Sebi disposes of insider trading charges against Kotak Mahindra Life Insurance Co 

Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO

New Delhi, Dec 19 () UTI AMC has filed its initial papers with markets regulator Sebi for initial public offering (IPO) to raise a little over Rs 3,000 crore.
 The country's largest asset management company in terms of total AUM, has filed offer document with the regulator for an initial public offer of up to 3,89,87,081 shares, through an offer for sale of up to 1,04,59,949 shares By State Bank Of India, up to 1,04,59,949 shares by Life Insurance Corporation Of India, up to 1,04,59,949 shares by Bank Of Baroda, up to 3,803,617 shares by Punjab National Bank and up to 3,803,617 shares by T Rowe Price International, according to the draft red herring prospectus (DRHP).
 The public offer is expected to raise a little over Rs 3,000 crore, market sources said.
 The US-based T Rowe Price holds 26 per cent stake in the asset management company.
 Kotak Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer.
 The shares of the company are proposed to be listed on the BSE and the NSE.
 As of September 30, 2019 the company had the largest share of monthly average AUM. SUM SHW
SHW

UTI AMC files IPO papers to raise about Rs 3,000 cr

New Delhi, Jan 9 () ICICI Prudential Asset Management Company on Thursday said it invested Rs 334 crore in its credit risk fund in the December 2019 quarter, a move that may encourage investors to put in their money in the fund.
 The fund house has invested Rs 256 crore in December and Rs 78 crore in October.
 Credit risk funds invest mainly in corporate bonds that are below the highest rating assigned by credit rating agencies.
 "At ICICI Prudential, we convey a lot about our values and beliefs that are ingrained in the risk management practices and investment process that we use. Simply put, we walk the talk," ICICI Prudential AMC MD and CEO Nimesh Shah said in a statement.
 "Speaking on behalf of the stakeholders, I can confidently say that we do eat our own cooking and invest side by side with our investors," he added.
 Joydeep Sen, founder of wiseinvestor.in, said, "It pays to invest with managers who invest in their funds. Investors want to know whether fund manager eats their own cooking. So, if anybody does it, it is a good indicator of future success and alignment of objectives. This way, fund houses can clearly demonstrate their conviction to investors and distributors."
 Industry experts said it is encouraging for investors to see that fund managers believe enough in the fund to put their own money on the line.
 Earlier in March 2016, Sebi made it mandatory for asset management companies (AMCs) to disclose in their Scheme Information Documents the aggregate investments made by AMC board of directors, fund managers and other key personnel.
 Kotak Mahindra AMC in 2015 took a stance that made it mandatory for its employees to invest in their schemes. In March 2019, DSP AMC followed.
 Credit risk fund was in news in 2019 after a series of defaults and downgrades shook up the NBFC space. But, these incidents affected only those fund houses that had exposure to those select papers. SP HRS

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