Bangalore, Sept 13: UTI Mutual Fund announced the launch of a new scheme 'UTI Wealth Builder Fund' a close ended equity scheme with a maturity period of five years with automatic conversion into an open-ended scheme upon maturity.
Speaking to media persons fund manager Harsha Upadhyaya said the units which were on sale could be bought till October 11.
The objective of the scheme is to achieve long term capital appreciation by investing predominantly in a diversified portfolio of equity related instruments.
''UTI MF always endeavors to provide new wealth creation opportunities to its investors. Apart from being a five 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,'' he said.
The face value of the units was Rs ten. Minimum initial investment was Rs 5000 and Re one thereafter without any upper limit. The scheme offered two options like growth options and dividend-payout option, he added.