UTI AMC sees Rs 300-crore mop-up from latest offer
BS Reporter / Mumbai Nov 20, 2008, 00:44 IST
The new fund offer (NFO) of UTI Asset Management Company (AMC) — UTI Wealth Builder Fund-Series II — closed on Wednesday for subscription.
Talking to Business Standard, UTI AMC’s Chief Marketing Officer Jaideep Bhattacharya said, “We are expecting a collection close to Rs 300 crore. The actual figures will be known in a couple of days.”
If Bhattacharya’s calculations prove correct, then UTI AMC scheme’s collection would be over three times higher than that of the recent schemes of other fund houses, including JM Financial, IDFC, ICICI-Prudential and Mirae AMC. These AMCs could not collect more than Rs 50-70 crore.
UTI Wealth Builder Fund-Series II is an open-ended, equity-oriented scheme and will re-open for purchases and redemption not later than 30 days from the closure of the NFO period. The investment objective of the fund is to achieve long-term capital appreciation by investing predominantly in a diversified portfolio of equity and equity-related instruments along with investments in gold exchange-traded funds (ETFs) and debt and money market instruments.
Bhattacharya said, “This NFO is the first of its kind in the industry to offer asset allocation, combining the traditional as well as non-traditional asset class such as equity and gold.
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