UTI wealth builder to invest 65 pc in equity

Kolkata, Sep 18: UTI MF's new fund offer (NFO) "UTI-Wealth Builder Fund" would invest 65-100 per cent in equity and equity related instruments, Fund Manager of the Scheme Harsha Upadhyaya said today.

The scheme would invest 0-35 per cent in debt and money market instruments, Upadhyaya said adding that the fund hopes to raise Rs 1000 crore through the NFO.

"Apart from being a five year close ended equity scheme, it will also utilise derivatives to hedge the portfolio. The extent to which the portfolio will be hedged will be linked to index levels," he said.

UTI AMC's president and country head Mohit Sachdev said UTI MF is expanding its product suite depending on the needs of the investors for long term products.

The scheme would aim to maintain a diversified portfolio of equity stocks that has the potential to appreciate in the long run, he said.

UTI MF is the largest mutual fund in the country with assets under management of over Rs 35000 crore under its 60 domestic schemes.

UNI