SBI Mutual Fund launches new scheme

SBI Mutual Fund today launched a new scheme which targets HNIs and investors with medium risk profile.
'SBI Dual Advantage Fund-series II' is a three-year close-ended debt-oriented hybrid fund. The new fund offer will open for subscription on April 22 and closes on May 5, a company release said.
The scheme will invest 5-25 per cent of the assets in equity and equity-related instruments, 50-95 per cent in debt and up to 25 per cent in money market products, it said.
"HNIs and investors with medium risk profile as also first time mutual fund investors would benefit from this scheme, which has three-pronged features like quality debt portfolio, growth potential that equity upside would provide and tax efficient returns," said Managing Director and Chief Executive Officer of SBI Mutual Fund Dinesh Khara.

SBI Mutual Fund has an average assets under management of Rs 65,499 crore by the end of last fiscal.