Sep 8, 2011

Mutual Fund Update: Scheme Re-Name

18 schemes are set to be renamed by 12 different fund houses so that the scheme's name truly reflects the fund's investment mandate.

Mumbai: After scheme mergers, AMCs are going all out to rename their schemes.

Fund houses say the new scheme names reflect the scheme objective and the underlying portfolio better. Around 18 funds are proposed to be renamed by 12 fund houses. 

Earlier Name

New Name

Axis Tax Saver

Axis Long Term Equity

BNP Paribas Future Leaders Fund

BNP Paribas Mid Cap Fund

DSP BR Savings Manager Fund–Conservative Plan & Moderate Plan

DSP BR Savings Manager Fund-Aggressive Plan

DWS Ultra Short Term Fund -Auto Sweep Plan

DWS Ultra Short Term Fund -Premium Plus Plan

Edelweiss Income Advantage

Edelweiss Monthly Income Plan

Edelweiss Monthly Interval Fund – Series I

Edelweiss Short Term Income Fund

ICICI Prudential Equity and Derivatives Fund-Wealth Optimiser Plan

ICICI Prudential Equity and Derivatives Fund-Volatility Advantage Plan

ICICI Prudential Growth Plan

ICICI Prudential Top 100 Fund

ICICI Prudential Power Plan

ICICI Prudential Top 200 Fund

IDFC Saving Advantage Fund

IDFC Liquid Fund

ING Nifty Fund

ING Large Cap Equity Fund

Kotak Income Plus

Kotak Monthly Income Plan

Reliance Equity Advantage Fund

Reliance Top 200 Fund

Religare Active Income Fund – Institutional Plan

Religare Active Income Fund – Plan B

Religare Active Income Fund – Regular Plan

Religare Active Income Fund – Plan A

Religare Short Term Plan – Institutional Plan

Religare Short Term Plan – Plan B

Religare Short Term Plan– Regular Plan

Religare Short Term Plan – Plan A

Tata Floating Rate Fund – Short Term

Tata Money Market Fund

"The objective of changing the scheme name is to provide better clarity and linkage between the scheme's nomenclature and its key investment strategy and portfolio construct. For instance, ICICI Prudential Focused Equity was renamed ICICI Prudential Focused Bluechip Equity to bring to fore the fact that it invests only in around 20 blue chip stocks selected from the NSE top 100 stocks by market cap," says Aashish Somaiyaa, Head-Retail Business, ICICI Prudential Mutual Fund.

Himanshu Vyapak of Reliance Mutual Fund offers the same rationale for remaining one of its equity schemes. "The objective is to offer an enhanced investment universe to the existing investors of Reliance Equity Advantage Fund which is being renamed as Reliance Top 200 Fund. While maintaining the same positioning of a conservative large cap fund, it will be benchmarked to BSE 200" says Himanshu.

Another rationale behind renaming schemes is to provide a broader investment scope for the existing investors of a scheme which is being rebranded.  Axis Mutual Fund wants to widen the appeal of its Axis Tax Saver by renaming it Axis Long term Equity. "The universe of investors looking for tax saving is smaller than the universe of people looking for diversified funds. By changing the scheme's name, I think it will open up a bigger market. There are no changes in the scheme except the name," says Rajiv Anand, Axis Mutual Fund.

In the past, AMCs had given imaginative names to their schemes which often confused the investors and advisors. The erstwhile Executive Director of SEBI, K N Vaidyanathan had complained that schemes with fancy names made it difficult for investors to understand their objectives.

Few AMCs are offering an exit option to investors if they disagree with the proposed change.

Do you think this move will help investors and advisors? Let us know.

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