UTI MF to launch leadership equity fund

With a face value of Rs 10, the minimum initial investment would be Rs 5,000 and the scheme would come with two options.

Targetting investment from corporate leaders, the UTI Mutual Funds on Saturday announced launch of its new equity oriented scheme "UTI leadership Equity Fund".

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The fund that would be open from January 9 to January 30, UTI Asset Management Company Executive Director D S R Murthy told reporters here.

The scheme would reopen for continuous purchase and redemption from February 28 onwards, he said.

With a face value of Rs 10, the minimum initial investment would be Rs 5,000 and the scheme would come with two options--growth option and dividend option with payout and reinvestment facility, Murthy said.

He said about 65 to 100 per cent of the fund generated would be invested in equity and equity related instruments of "leaders and potential leaders" and added the scheme may also invest in debt and money market instruments.

Fund Manager Swathi Kulkarni said studies showed that the scheme gave good returns in an economic upswing and was also able to withstand economic downswings better when compared to other companies.