UTI introduces Gold Exchange Fund,plans Global Navigator Fund soon.

Kolkata, Feb 27 (UNI) After the successful launch of Gold Exchange Traded Fund,the UTI Mutual Fund now plans to launch a unique Global Navigator Fund to enable Indian investors to invest in overseas stocks for the first time.

In order to bring the product into the Indian market for the first time and to meet the investors long standing demand in this regard, UTI Mutual Fund had already tied-up with one of the largest stock advisory funds in the USA- namely the 'State Street Global Advisory Fund' of Boston to do the selection for indian investors in terms of purchasing stocks in listed foreign companies, said UTI AMC Chief Marketing Officer Jaideep Bhattacharya.

Speaking to UNI during the launch of the Gold Exchange Traded Fund, designed to track the performance of the underlying asset like gold,Mr Bhattacharya said the new Global Navigator fund was likely to hit the market in April next though the necessary green signal for its formal launch had already been arrived from the regulatory authority the Securities and Exchange Board of India(SEBI).

Asked whether SEBI or RBI had imposed any ceiling for the quantum of Indian investment abroad,Mr Bhattacharya said intially it had been pegged at 200 million dollars annually.This could be expanded further if the business took off quite satisfactorily,he said.

About the diversity of portfolios of State Street Global Advisory Fund whose total assest base was to the tune of a stagering 3.3 trillion dollars, Mr Bhattacharya said as per their joint venture agreenment investments could also be made in several developed or emerging economies and in companies having good and proven track records besides in the stable companies in the USA.

To another query he also did not rule out the possibility of launching some Real estate funds by the UTI in keepuing with the market trends.

Earlier, elaborating on the new Gold Exchange Traded Funds, Mr Bhattacharya said it was an open ended fund and was aimed at investing in gold bullion reflecting the international price of gold in the market.

Under the plan, investors could invest with a minimum application amount of Rs 20,000 and in multiple of Re one thereafter.After the new fund offer and post listing, the units could be bought or sold on the National Stock Exchange in dematerialised forms,available only through de-mat account, Mr Bhattacharya informed.

UNI