UTI Mutual Fund (MF) plans to raise over Rs 1,000 crore through its new scheme "UTI-Wealth Builder Fund" launched on September 7, will close on October 11, 2006. Units can be purchased only during the new fund offer period - from September 7, 2006 to October 11, 2006. | |
| Rajesh Bhojani, president-sales, UTI Mutual Fund, said "We hope to raise little over 10 per cent of Rs 1,000 crore targeted under the scheme from Gujarat." |
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| UTI-Wealth Builder Fund is a close-ended equity scheme with a maturity period of 5 years with automatic conversion into an open-ended scheme upon maturity of the scheme. |
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| The objective of the scheme is to achieve long term capital appreciation by investing predominantly in a diversified portfolio of equity and equity-related instruments and will invest up to 65 -100 per cent in debt, while 0-35 per cent will be done in money market instruments. |
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| Chandraprakash Padiyar, fund manager, UTI AMC said, "UTI MF always endeavours to provide new wealth creation opportunities to its investors. Apart from being a 5 year close-ended equity scheme, it will also utilise derivatives to hedge the portfolio and the extent to which the portfolio will be hedged will be linked to index levels." |
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| Bhojani said, "To satisfy the needs of investors, who think long term, UTI MF is expanding its product suite. The new scheme aims to build and maintain a diversified portfolio of equity stocks that has the potential to appreciate in the long run." |
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