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'Investors' risk appetite is gradually returning'
The mutual fund industry has come for some serious criticism in the recent past. The reason: It has completely missed the stock market rally that started from early March and has given returns of over 70 per cent to investors. Madhusudan Kela, head (equities), Reliance Mutual Fund, which has the highest average assets under management and investor base, speaks to Palak Shah and explains why fund houses are being judged unfairly. Excerpts:

Smart Portfolios shine in holiday week
The Smart Portfolios registered healthy gains last week in line with a pull back in the broader markets. The benchmark index, S&P CNX 500, was up 3.61 per cent in the holiday-shortened week. An investment of Rs 10 lakh at the start of the Smart Portfolios on September 1, 2009, is today valued at Rs 11.20 lakh, an appreciation of almost 12 per cent. This week, barring Praveen Panjwani, other three fund managers were able to match the benchmark’s return.

News of the day

Govt extends RFQ date for metro, again
The ongoing agitation for a separate Telangana and a unified Andhra has impacted the Rs 12,132 crore Hyderabad Metro Rail project with the government further extending the request for qualification (RFQ) date till January 16.
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Religare expands investment banking operations

Religare Enterprise is expanding is investment banking division. The financial services company has started an investment banking division to tap opportunities in emerging markets. This new division will be part of Religare Capital Markets Limited (RCML). - Reliance Cap to venture into investment banking - Indiabulls Power fixes IPO price at Rs 40-45 a share - Aegon Religare to hire 10,000 agents this fiscal - Barclays Capital appoints Matthew Ginsburg - Religare not to proceed with planned Swiss Re joint venture - Entry load abolition will benefit MF industry: Religare AMC The company is expanding in emerging markets as studies estimate that these regions will see the fastest growth in the coming years. Mckinsey, for instance, predicts that investment banking in emerging markets will rise by 16 per cent till 2010. This means, it will contribute 28 per cent of the total global deals. Among the emerging markets, Asia, (excluding Japan) will rise by more than 60 per cent. Emerging regions in Latin America will see 16 per cent growth. Emerging countries in Europe and Middle East will see a growth of 19 per cent and 25 per cent respectively, predicts the study. To head its global operation, RCML has appointed Martin Newson as CEO, global investment banking. Newson will be based out of London. He will oversee the entire investment banking and institutional brokerage business across various geographies of emerging market, including India. Newson comes to Religare from Dresdner Kleinwort. He was head of the global equities at Dresdner Kleinwort and also led hedge fund solution practice in the firm. He has an experience of 20 years in global equities. He has also headed US equities at Deutsche Bank in New York, and European equities at Credit Suisse. Shachindra Nath, Religare"s group COO said: "Martin"s track record in building successful global franchisee or some of the world"s largest investment banks speaks for itself."


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