NEW DELHI, May 30, 2006:Chola
Mutual Fund is now DBS Chola Mutual Fund.
This follows the conversion of the fund’s sponsor Cholamandalam
Investment and Finance Limited, into Cholamandalam DBS Finance
Limited, a joint venture of the Murugappa Group with DBS Bank of
Singapore, the largest bank in South East Asia.
Accordingly, all existing schemes of Chola Mutual Fund have been
rechristened. For.eg. Chola Contra Fund is now called DBS Chola
Contra Fund. All necessary regulatory approvals have been received
by the Mutual Fund. Further, Cholamandalam AMC Limited, the investment
manager to the Fund, will now be DBS Cholamandalam Asset Management
Limited.
Ms Amy Yip, Managing Director and Head, Wealth Management at DBS
Bank said, “DBS Asset Management (DBSAM) welcomes and applauds
the renaming of the Chola Mutual Fund series into the DBS Chola
Mutual Fund series. We see this as a first step in the cooperation
between ourselves in the Indian fund management market; and we
look forward to many more collaborative projects as the industry
continues its exponential growth”.
Mr Sashi Krishnan, Chief Executive, DBS Chola MF said, “With
this alliance, DBS Chola Mutual Fund has the unique advantage of
working with a large and reputed Asian partner. The company can
offer superior value to our investors on all fronts. In the fast
moving wealth management business, DBS Chola MF is well poised
to adapt to the changing market needs in terms of offering products
and access to global markets. We are delighted that all of our
stakeholders can benefit from this partnership.”
About DBS Chola Mutual Fund
DBS Chola Mutual Fund, is promoted by Cholamandalam DBS Finance
Ltd. a joint venture between India’s Murugappa Group and
DBS Bank, Singapore. DBS Chola MF established in 1996, manages
funds in excess of INR 27.5 billion across 17 schemes with over
231,000 investors. It offers the entire range of cash, debt and
equity products. DBS Chola MF is present in over 14 locations
and also has a strong distribution network in place.
About DBS
Headquartered in Singapore, DBS is one of the largest financial
services groups in Asia. The largest bank in Singapore and the
fifth largest banking group in Hong Kong as measured by assets,
DBS has leading positions in consumer banking, treasury and markets,
asset management, securities brokerage, equity and debt fund raising.
Beyond the anchor markets of Singapore and Hong Kong, DBS serves
corporate, institutional and retail customers through its operations
in Thailand, Malaysia, Indonesia, India and The Philippines. In
China, the Bank has branches and representative offices in Shanghai,
Beijing, Guangzhou, Shenzhen, Fuzhou, Tianjin, Dongguan and Hangzhou.
The Bank's credit ratings are one of the highest among banks competing
in the Asia-Pacific region, and the highest among banks in Singapore.
More information about DBS Group Holdings and DBS Bank can be obtained
from our website (www.dbs.com).
About Cholamandalam DBS Finance Limited
Cholamandalam DBS Finance Limited (Chola DBS) along with its subsidiaries
and affiliates offers individual and institutional customers a
range of financial services – automobile finance, personal
loans, capital market finance, mutual funds, securities broking
and distribution of investment and insurance products. Chola DBS
shares are listed on Bombay (BSE) and National (NSE) stock exchanges.
(www.cholamandalam.com).
Chola DBS is a joint venture of India’s Murugappa Group and
DBS Bank of Singapore, the largest bank in South East Asia. The
Rs.7300-crore Murugappa Group, is a pioneer and market leader in
several fields with over 40 manufacturing operations across 12
states in India, and a strong presence in farm inputs, engineering
and cycles, sugar, abrasives, finance, general insurance, sanitary
ware, plantations, bio-products and nutraceuticals.