Birla Sun Life shifts services to Citibank

By Our Corporate Reporter

CHENNAI, JUNE 28. Birla Sun Life Asset Management has tied up with Citibank N.A. Mumbai, under which Citibank will act as registrars and transfer agents of the mutual fund. Mr. Jeremy Beswick, CEO and President of Birla Sun Life AMC, told The Hindu here on Thursday that these services were hitherto handled by Karvy Consultants, Hyderabad. The shift was very smooth and without any inconvenience to unit holders more than 4.70 lakh accounts were shifted to Citibank, Mumbai, he said.

The decision to shift the services to Citibank was taken one and half years ago and it took a year to develop the system and put in place the necessary infrastructure. The technology provided by Citibank was far superior to those currently available in India, Mr. Beswick said.

As for the Fund's plans, he said it would be offering three new open-ended income products consisting of two debt and one equity schemes. The AMC was working on the finer details of the products and waiting for a proper time.

The existing income schemes, managed by Birla Sun Life AMC include Birla Income Plus, which is one of the country's largest open-ended income schemes, Birla Cash Plus, the first liquid scheme, Birla Gilt Plus, which is dedicated to Government securities, and Birla MIP, an open-ended income scheme.

Mr. Beswick said the AMC was working more aggressively to enhance the performance of fixed income schemes and make them more competitive. The interest of investors had shifted to fixed interest and income schemes and Birla AMC was trying to reposition the mutual fund in investors' minds.

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