Top mutual fund news of the day- August 18, 2015

Mutual Fund managers seem to be bullish on bank shares as they raised their allocation in the sector to an all time-high of over Rs 85,000 crore in July.

Mutual fund managers seem to be bullish on bank shares as they raised their allocation in the sector to an all time-high of over Rs 85,000 crore in July anticipating a rate cut by the Reserve Bank. 

Kotak MF has launched a new fund named Kotak FMP Series 178, a close-ended debt scheme with the duration of 1,099 days from the date of allotment of units. 

Axis MF has announced that the closing date of the new fund offer of Axis Hybrid Fund, Series 25 (1,278 days), a close ended debt scheme, has been extended from August 17 to 19. 

DSP BlackRock MF has set August 21 as record date for declaration of dividend under regular plan dividend option of DSP BlackRock Tax Saver Fund, an open-ended equity-linked savings scheme. 

With equity funds witnessing 15th straight month of inflows, fund houses are lining up products to cash in on this interest. Documents for around a dozen equity new fund offer documents have been filled with the regulator in a fortnight or so.