ING Vysya Mutual Fund launches CUB fund

Mumbai, Jul 24: ING Vysya Mutual Fund today announced the launch of its new close-ended fund focusing on investment in the competitive upcoming businesses, 'ING Vysya CUB Fund'.

The close-ended fund will be automatically converted into an open-end scheme after three years. The minium initiatl investment is Rs 5,000 and in multiples of Re one or thereafter.

Introducing the scheme, ING Vyasya Mutual Fund MD and CEO Kavita Hurry said, ''The scheme opens tomorrow and closes on August 21.

''...We have been managing successfully a varied themes of funds namely large cap, mid cap, dividend yield and contra funds,'' she added.

ING Investment Management Asia Pacific (Hong Kong) Ltd CEO Chris Ryan, who specially flew in to India to grace the occasion said, ''India is a great destination for the financial community of the world. At, ING we are looking at a stronger presence of our mutual fund activities in India and will bring in expertise, products and technology to grow our market.'' Fund's Chief Investment Officer Paras Adenwala said, ''We have a policy of bottom-up stock picking that becomes more rewarding to the investors. The optimum portfolio diversification can take place by having 40-50 stocks.'' Considering the systematic risk along the market volatility, he said, ''Our emphasis is on absolute returns rather than benchmark returns by following the stock specific and sector-specific ceiling.''

UNI