Fidelity MF announces merger of two of its schemes

MUMBAI: Fidelity Mutual Fund on Monday announced the merger of its Fidelity MultiManager Cash Fund (FMMCF) with Fidelity Cash Fund (FCF).

FMMCF is a cash fund of funds scheme, while FCF is an open-ended liquid scheme.

The merger will be effective from July 10. This merger is being carried out as a result of similarities between the investment objectives of the two schemes, which are to provide reasonable returns with low risk, a press release issued here said.

The FMMCF was launched in January 2006, ahead of the launch of FCF, and over time the FCF has grown in size and this merger would allow investors in FMMCF to benefit from it, the release said.

Investors who wish to exit from FMMCF can do so without an exit load from June 3 to July 8, both days inclusive. For investors in FMMCF who choose not to redeem by July 8, there will be a fresh issue of units of FCF in lieu of units held on July 9 in FMMCF, the release said.

The units allotted in FCF shall be treated as a fresh subscription in FCF.

There will be no change in the fundamental attributes of FCF and there will be no new scheme as a result of the merger, the release said.