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October 18, 1999 01:00 AM

INDIA INVESTS IN MUTUAL FUND

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    NEW DELHI, India - The $50 billion Provident Fund of India has made its first investment in a dedicated mutual fund, investing $81.3 million into a special gilt fund offered by government-owned manager Unit Trust of India.

    Pension funds had been banned from investing in mutual funds until a law enacted in April allowed them to invest in funds that are solely invested in government securities. But only a trickle of money - reportedly $5 million - has been invested into the new mutual funds since that time, probably because the law requires pension funds to report the investments to the government.

    Unit Trust officials said they hope to raise another $200 million from state-owned companies. The manager is primarily targeting India's state-owned domestic banks such as the State Bank of India, Bombay; Oriental Bank of Commerce, New Delhi; and Bank of India, Mumbai.

    Carlyle Group opens

    venture capital fund

    LONDON - Carlyle Group has launched a E300 million ($321 million) venture capital fund targeted at Internet investment opportunities in Europe.

    Carlyle Internet Partners Europe will provide pre-flotation equity capital to European Internet and other information technology companies.

    The group will complete fund raising for the fund by the end of this year and will start investing within the next two months.

    Commerzbank appoints new

    head of portfolio advisory

    LONDON - Commerzbank Global Equities has appointed Gordon Morrison as head of portfolio advisory. He joins the bank from Warburg Dillon Read, where he was head of equity risk management sales research. Warburg Dillon Read would not say whether Mr. Morrison had been replaced.

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