Sundaram Mutual Fund Investment Company Launches New Emerging Small Cap Scheme

Sundaram Mutual Fund Investment Company has launched a new close-ended equity scheme called as Sundaram Emerging Small Cap Series VII. The NFO will be open for subscription from September 10, 2018, to September 24, 2018.

The tenure of the Sundaram Emerging Small Cap Series VII scheme is 5 years from the date of allocation of the units. The NFO price for the scheme is 10 Rupees per unit.

The new Emerging Small Cap fund will be investing predominantly in small-cap stocks. The investment objective of the mutual fund scheme is to seek capital appreciation by investing mainly in equity or equity-related securities of Small Cap companies. However, the fund house does not guarantee or assure that the investment objective will be accomplished.

The Emerging Small Cap scheme of the Sundaram Mutual Fund Investment Company offers both Regular and Direct plans with Growth and Dividend Payout & Sweep options.

The minimum application amount for the scheme is 5000 Rupees for the initial investment and in multiples of 10 Rupees thereafter. There will be no entry load charge, and exit load charge is not applicable for the scheme.

The new close-ended equity scheme will invest 65 percent to 100 percent of its assets in equity and equity-related securities of small cap companies with a high-risk profile. The scheme will further invest up to 35 percent of its assets in other equity instruments with high-risk profile and up to 35 percent of assets in fixed income and money market instruments with low to medium risk profile.

The new Sundaram Mutual Fund scheme aims to collect a minimum subscription amount of 10 crore Rupees during the NFO period.

The performance of the Sundaram Emerging Small Cap Series VII scheme will be benchmarked against S&P BSE 250 Small Cap Index. S Krishnakumar and Dwijendra Srivastava are the fund managers of this new scheme, according to KJMC.

The Emerging Small Cap fund is suitable for investors who are looking out for long-term capital growth, and who are seeking investment mainly in equity or equity-related securities of Small Cap companies, according to information in the official website of the Sundaram Mutual Fund Investment Company.

The post Sundaram Mutual Fund Investment Company Launches New Emerging Small Cap Scheme appeared first on OWLT Market.

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Binance News: Wei Zhou To Lead Binance Finance Team As New CFO

As per the latest Binance news update received on September 6, the world’s largest digital asset platform has hired Wei Zhou as its Chief Financial Officer (CFO). Zhou who is an experienced capital markets specialist will be heading the Binance finance team and will also be responsible for the management of financial risks.

Wei Zhou who holds a Bachelor of Economics and East Asian studies degree from the Harvard University, began his career in Goldman Sachs, Hong Kong. Zhou worked there for four years in the role of a specialist in the investment banking division till 2015. The major part of Zhou’s professional experience pertains to successful Initial Public Offerings (IPOs) of two of his earlier employers.

As gathered from the Binance news update, Zhou led the IPOs of both Zhaopin Limited and Charm communication on the NASDAQ and New York Stock Exchange (NYSE) respectively. Zhou was the CFO of Zhaopin Limited, a Chinese online recruitment platform and Charm communication, one of the country’s leading advertisement companies.

Changpeng Zhao, Binance CEO has denied any plans of going public despite Zhou’s IPO skills. Zhou was hired around the time when one of Binance’s key competitors, US Robinhood is apparently preparing for an IPO and is actively seeking for a CFO, as stated in the Cryptovest news report.

Zhou is one of the latest examples of managers who belonged to the traditional financial system and later moved on to the blockchain and crypto world. Japanese cryptocurrency startup, FXcoin hired Yasuo Matsuda, earlier this week. Matsuda is an ex-Deutsche Bank dealer where he worked as the bank’s virtual coin strategist.

Other than this latest Binance news update, the Coinbase exchange also announced towards the end of last month that it has hired an alumnus of Bank of New York Mellon, Jeff Horowitz. Horowitz was hired to lead Coinbase’s global compliance efforts. Horowitz earlier worked as the global head of compliance and managing director of Pershing, a subsidiary of the firm, as stated in the CCN report.

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Equity Mutual Funds Inflows Decline For Fourth Consecutive Month

Equity mutual funds inflows have declined for the fourth consecutive month in August. The total equity MFs inflow has decreased 11.4 percent month-on-month to 8,375 crore Rupees in August, based on data available at the AMFI (Association of Mutual Funds in India).

However, the MF industry has seen a total inflow of 1.74 lakh crore Rupees, which is the highest ever since 2011, and an outflow of more than 32,000 crore Rupees in July. The liquid/ money market category has accounted for the major portion of the total MF inflow.

Swarup Mohanty, Chief Executive Officer, Mirae Asset Global Investments (India) Pvt. Ltd., anticipates an increase in equity MF inflows as the market gets wider and the gap between the benchmark and fund returns gets smaller

According to Aashish Somaiyaa, Chief Executive Officer, Motilal Oswal Asset Management Company, stated that equity mutual funds inflows after subtracting the NFO (new fund offer) inflow don’t look exciting.

He also added that the balanced fund flow is massively holding on in the negative zone after subtracting two NFOs worth about 4,500 crore Rupees.

The general equity mutual fund category sales witness a normal 16 percent progress, but a sharp spike of 35 percent in redemptions, said Sunil Subramaniam, Chief Executive Officer, Sundaram AMC. He also stated that the equity mutual fund category witnesses a 9 percent reduction in net sales because of profit-booking, according to Bloomberg.

The main reason for the net inflows into the Indian mutual funds to slow down to a five-month low in August is the uncertainty in the markets. Moreover, the redemption pressures from equity MF schemes also increased in August, forcing 35 percent of investors to choose profit booking with the markets climbing record highs, reported LiveMint.

With the net equity mutual funds inflows showing a steady decline of 11.4 percent to 8,375 crore Rupees in August, the equity MF schemes witness an infusion of 9,452 crore Rupees in July, as per data released at the AMFI.

The post Equity Mutual Funds Inflows Decline For Fourth Consecutive Month appeared first on OWLT Market.

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Blockchain Projects: KPMG Teams Up With SIA And Microsoft To Develop KrisPay Digital Wallet

The Singapore office of PMG International recently revealed that it has teamed up with Microsoft and SIA for developing one of the first airline loyalty-based blockchain projects. The project termed as KrisPay digital wallet will help the KrisFlyer members of SIA to spontaneously convert KrisFlyer miles into tokens. The transactions with this particular digital wallet can be conducted with the participating merchants.

Incidentally, SIA started developing this new digital wallet after its proof-of-concept development program in February 2018 became successful. With KrisPay digital wallet, it will be easier for the SIA clients to convert their airline miles into points which will be directly added into their KrisFlyer account.

Also, it will allow the Singaporean airline company to carry on transactions with new partners as well as reconciles payments through blockchain technology. The Head of Digital Village of KPMG in Singapore, Jan Reinmueller said that the KrisPay blockchain-based digital wallet offers a straightforward process with the help of which participating traders and merchants can connect easily with the program.

According to Reinmueller, such blockchain projects offer customers the ability to make a purchase using their tokenized miles. Importantly, every real-time customer transaction is time-stamped via a distributed ledger to enable remarkable cost and time efficiencies.

According to Bitcoin Exchange Guide, the Digital Village team of KPMG applied myriad solutions and experiences in architecture, graphic design, and cybersecurity for satisfying the different requirements for KrisPay blockchain.

The project has received good support from leading IT Company, Microsoft. The Enterprise Commercial Director of Microsoft Singapore, Andres Ortola stated that KrisPay has proved how blockchain can offer new experiences for both partners and the customers. The entire project has been developed with the contribution of blockchain technology and Microsoft Azure from Microsoft and innovative technology from KPMG.

Another blockchain-based project that is pioneering new developments in this sector is a joint venture between National Trading Union Congress (NTUC) and Huobi Group. CCN reports that this joint effort will promote blockchain education by introducing a series of courses that will focus on important aspects required for developing blockchain projects and distributed ledger technology.

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Top IOTA Wallets for 2018 This article was originally posted on The Merkel - with a dedicated cryptocurrency news section and also a variety of educational articles relating to Bitcoin, [...]

This article was originally posted on The Merkel - with a dedicated cryptocurrency news section and also a variety of educational articles relating to Bitcoin, [...]

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Hanwha Insurance Aiming To Provide Compensation For Hacking Damages Of Domestic Crypto Exchanges

Hanwha Insurance, a major South Korean insurance company is planning to introduce a new cyber insurance product for crypto exchanges in September. This new insurance product aims to provide compensation for hacking damages caused to exchanges.

The Insurance revealed that it is planning to start negotiations with individual crypto exchanges for insurance starting October. However, Hanwha added that even if an exchange intends to join, much coordination will be needed. This is because the reinsurance and insurance companies need to meet in order to get insurance.

The Asia Times in its report mentioned that exchanges may be reluctant to opt for taking insurance if sufficient compensation is not offered or if the premium amount is quite high. Ever since the Bithumb and Coinrail hack in June this year, the demand for insurance coverage for hacking damages has been rising in South Korea.

While the Bithumb crypto exchange already has two insurance policies, one with Heungkuk Fire & Marine Insurance Co., and the other with Hyundai Marine & Fire Insurance Co., they do not cover damages caused due to hacking.

In the month of June, the Korean Blockchain Association held discussions with Hanwha General Insurance Co. and Hyundai Marine & Fire Insurance Co. on how to provide insurance coverage for crypto exchanges irrespective of their size.

The Korean Blockchain Association has 23 members that are crypto exchanges. Amongst them are the country’s largest four exchanges: Bithumb, Upbit, Korbit, and Coinone. These four exchanges have insurance, but the coverage amounts are low, as stated in the Bitcoin News report.

As stated in the Asia Times, the Korean Association for Blockchain had previously signed an agreement with Hanwha Insurance to develop cyber insurance for crypto exchanges by the end of August and also discussed product development. Presently, some exchanges like Upbeat are taking part in cyber insurance. But most of these exchanges are charged for leakage of personal information. Hence it is difficult to compensate for such loss of funds that are stolen by hacking.

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Half of American Millennials Are Interested Using Cryptocurrency Will Boost Cryptocurrency Market

A vast majority of Americans are showing interest towards using cryptocurrency which could boost a cryptocurrency market.

Cryptocurrency is a digital currency designed to be decentralized and secure in many cases. It is stated that 79 percent of people in the United States know about cryptocurrency. In which, Bitcoin is famous amongst all cryptocurrency. 13 percent participants heard a name of the leading altcoin Ethereum.

87 percent participants heard about Bitcoin but didn’t sell and buy anything through this virtual currency. 15 percent of participants bought Bitcoin earlier. 9 percent participants own cryptocurrency and 25 percent stated that they will own some crypto in the coming future. 

According to a report by Cointelegraph, the answers of 1202 respondents from August 29-30 by evaluating the interest of respondents in using cryptocurrency: “Of the people who believe that cryptocurrencies will become widely accepted, over one-third (36%) say they would be interested in converting to primarily using a cryptocurrency rather than the U.S. dollar. However, a majority (57%) say they would not be interested in converting away from the U.S. dollar. Millennials are almost equally split between being interested (48%) and not interested (50%).”

This survey has shown a mirror image in the cryptocurrency market.

The data and information gathered through a survey carried out by an investigation group service called YouGov Omnibus and the Americans included born after the year 2000 only, according to a report by Tecnologia.

Men heard almost every kind of cryptocurrency. Out of ten (27 percent), three women have not heard of any cryptocurrency, comparatively 16 percent of men chose the same answer. 17 percent of respondents said that cryptocurrency will be used more for legal purchases. In which, Hispanic Americans are likely to believe that cryptocurrencies could be used for legal purchases, according to a report by YouGov.

It is expected that interest in the cryptocurrency market will be double in the future because a majority of the people believe that cryptocurrency will be accepted widely.

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