UTI launches scheme in Uttaranchal

UTI Mutual Fund today announced the launch of the UTI Wealth Builder Fund in Uttaranchal, likely to attract 3-4 lakh investors across the country.

Through the new scheme UTI managers are hoping to collect Rs 1,500 crore.

"The scheme, which opened on September 7, will close on October 11," UTI Asset Management Company Pvt Ltd Senior Vice-President (Sales and Marketing) S Ganesh said during a roadshow for the new scheme in Dehra Dun.

The UT Wealth Builder Fund is a close-ended equity scheme with a maturity period of five years, with automatic conversion into an open-ended scheme upon maturity.

"The aim of the scheme is to achieve long-term capital appreciation by investing in a diversified portfolio of equity and equity-related instruments," Ganesh said.