India’s securities regulator has introduced a new rule requiring asset management companies to pay at least 20% of the salaries of key employees in the form of units in their mutual funds, a move that at least one fund manager has slammed as “ridiculous”.
Effective July 1, “a minimum of 20% of the salary/ perks/ bonus/ non-cash compensation net of income tax and any statutory contributions of the key employees of the asset management companies shall be paid in the form of units of mutual funds schemes in which they have a role/oversight”, the Securities and Exchange Board of India says in a circular sent to the firms late last week.
Malaysia’s haj pilgrimage fund board has appointed Amrin Awaluddin as group managing director and chief executive officer, just four months after he became head of the Armed Forces Fund Board.
He succeeds Nik Mohd Hasyudeen Yusoff who is stepping down on May 5 after 20 months on the job, Lembaga Tabung Haji says in a statement on April 29. The appointment is effective May 6.
Amrin was appointed as CEO of the Armed Forces Fund Board, known locally by its Malay language acronym LTAT, on January 4.
His successor at LTAT has not been named but people familiar with the matter tell
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Malaysia’s biggest pension fund and the much smaller haj pilgrimage fund have both raised their stakes in local Islamic lender BIMB Group Holdings by purchasing shares through private placements.
The Employees Provident Fund (EPF) acquired 45.87 million BIMB shares for 164.21 million ringgit (US$40.04 million), raising its stake to 13.42% from 11.21%, the banking group says in a filing to the local stock exchange on April 26.
Separately, the lender says pilgrimage fund board Lembaga Tabung Haji, BIMB’s biggest shareholder, acquired 12 million placement shares for 42.96 million ringgit, raising its stake to 48.03% from 47.45%.
There was no reason given and spokespersons for both the funds did not immediately respond to questions from
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