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ABN AMRO Mutual Fund becomes Fortis Mutual Fund

There has been an indirect change in the control of ABN AMRO Asset Management (India) Pvt. Ltd. (investment manager to ABN AMRO Mutual Fund or the ‘AMC’) and ABN AMRO Trustee (India) Pvt. Ltd. (Trustee Company).

A consortium comprising of The Royal Bank of Scotland Group plc, Fortis S.A./N.V. and Banco Santander S.A. acquired the entire share capital of ABN AMRO Holding N.V. (the ultimate parent company of the sponsor) in October 2007 through a public offer.

Consequently, the Asset Management business of ABN AMRO group was transferred to Fortis group, and accordingly, the shareholding in ABN AMRO Asset Management Holding N.V. – the parent company of our majority shareholder and the sponsor, namely ABN AMRO Asset Management (Asia) Limited was transferred to Fortis Bank S.A./N.V. on April 01, 2008 and subsequently to Fortis Investment Management S.A. on April 02, 2008.

The Securities and Exchange Board of India (SEBI) has vide its letter dated October 03, 2008, conveyed its no-objection to the above changes.

The names of the schemes shall be changed with effect from November 10, 2008, and the prefix 'ABN AMRO' will get replaced by 'Fortis'.

The investors under the schemes of the fund house shall be given an exit option on the prevailing NAV without any exit load from October 10, 2008 to November 09, 2008. The said option shall, however, not be available to unitholders whose investments have not completed the statutory lock-in (applicable in case of ABN AMRO Tax Advantage Plan) under Section 80C of the Income Tax Act, 1961.

Further, the effect of the indirect change on the name of constituents of the fund is as follows.

Earlier  Proposed
ABN AMRO Mutual Fund Fortis Mutual Fund
ABN AMRO Asset Management (India) Pvt. Ltd. Fortis Investment Management (India) Pvt. Ltd.
ABN AMRO Trustee (India) Pvt. Ltd. Fortis Trustee (India) Pvt. Ltd.
ABN AMRO Asset Management (Asia) Pvt. Ltd. Fortis Asset Management (Asia) Pvt. Ltd.