UTI MF launches 'UTI-India Lifestyle Fund'

Ahmedabad, July 2: The Unit Trust of India (UTI) Mutual Fund today launched a new scheme 'UTI- India Lifestyle Fund', whose new fund offer (NFO) opens today and closes on July 25.

Addressing a press conference here, UTI Fund Manager Ms Gautami Desai said ''The NFO is a three-year closed-end equity-oriented scheme that would invest in equity of companies that are profiting from the new trends in Indian demographics and spending patterns, catering to the new lifestyle of the Indian masses, who are increasingly splurging on more than just necessities. At least Rs 2,000 crore is expected to be tapped through this fund.''

While approximately 80 per cent of the assets will be invested in equities, the rest would go into debt and money market instruments, she clarified ''Over the last few years, due to rising income levels, the Indian consumers have changed their attitude towards money and quality of lifestyle. They are showing a marked preference for new products and services that deliver higher levels of quality than conventional items. This has changed the scale of demand for household goods and services such as autos, home goods, telecom, consumer finance, leisure, entertainment, media and others,'' the fund manager explained.

UNI