UTI MF launches ?Wealth Builder Fund?
UTI MUTUAL Fund launched its new scheme ?UTI Wealth Builder Fund? recently. The fund offer closes on October 11. Speaking to reporters here on Friday about this scheme, company vice president N Narayanan said that UTI Wealth Builder Fund is a close-ended equity scheme with a maturity period of five years.india Updated: Sep 23, 2006 15:36 IST
UTI MUTUAL Fund launched its new scheme ‘UTI Wealth Builder Fund’ recently. The fund offer closes on October 11. Speaking to reporters here on Friday about this scheme, company vice president N Narayanan said that UTI Wealth Builder Fund is a close-ended equity scheme with a maturity period of five years.
He further said that the fund converts to open-ended scheme automatically upon maturity. Narayanan informed that the face value of fund units is Rs 10 and it can be purchased during the new fund offer period only.
According to Narayanan, this long-term scheme will ensure higher returns, as short-term volatility is temporary. Long-term investments survive the ups and downs of the market, he added.
The scheme will offer redemption on an ongoing basis at half-yearly intervals at NAV based prices. The minimum investment required is Rs 5,000 and in multiples of Re 1 thereafter. The mutual fund has no entry load and very less exit load. BSE Sensex is the benchmark index for this scheme.
The company aims at earning deposits of Rs 1500-2000 crore from this scheme, said Narayanan. The target for Madhya Pradesh is Rs 150-200 crore. The scheme opened on September 7.
The scheme will invest in equity and equity related instruments to the extent of 65-100 percent and 0-35 percent in debt and money market instruments. Amandeep Chopra and Harsha Upadhyaya are the fund managers for this scheme.
UTI Mutual Fund is the largest mutual fund in the country with assets under the management of over Rs 35,000 crore and investor accounts of over 7.50 million under its 60 domestic schemes.
First Published: Sep 23, 2006 15:36 IST