UTI MF launches 'Wealth Builder Fund'

Guwahati, Sep 19: UTI Mutual Fund, one of the largest Mutual Fund in the country, today launched a close-ended product 'UTI-Wealth Builder Fund'.

Speaking at a function here, Fund Manager Harsha Upadhyaya said, ''UTI MF always endeavours to provide new wealth creation opportunities to its investors. This scheme would also utilise derivatives to hedge the portfolio.'' President of UTI Asset Management Company and country head Mohit Sachdev said, ''To satisfy the needs of investors, who think long term, UTI MF is expanding its product portfolio. The new fund aims to build and maintain a diversified portfolio of equity stocks that has the potential to appreciate in the long run.'' To a query, Mr Sachdev informed that the scheme offers both growth and dividend payout options.

The fund would invest 65 to 100 per cent in equity and equity-related instruments, he said, adding that UTI MF was the largest mutual fund in the country with assets under management of over Rs 35,000 crore with investor accounts of over 7.50 million under its 60 domestic schemes.

The scheme, with the face value of Rs 10, has been formally launched today and remain open till October 11.

UNI