DSP Merrill Lynch Fund launches World Gold Fund

Kochi, July 26 (UNI) DSP Merrill Lynch Fund Managers today announced the launch of its World Gold Fund, an open-ended international fund investing in gold mining companies.

Announcing the launch of the Merrill Lynch International Investment Fund-World Gold Fund (MLIIF-WGF) at a press conference here DSP Merrill Lynch Fund Managers Senior Vice-President and Channel Head Ajit Menon said the scheme was open-ended and not an Exchange Traded Fund(ETF).

The New Fund Offer (NFO) commenced on July 25 and would close on August 23, 2007.

Mr Menon said gold bullion had traditionally been a favoured savings instrument for the Indian household. The DSP Merrill Lynch World Gold Fund would offer Indian investors the opportunity to benefit from the likely increase in gold prices and significantly enhance their return potential as compared to investing in physical gold or gold ETFs.

The minimum investment required was Rs 5,000, he said.

The MLIIF-WGF was first launched in 1994. It currently managed assets of more than US dollars 5.4 billion (over Rs 21,000 crore).

The scheme was rated AAA by both S and P Fund Research and Forsyth Partners. Over its 12 year track record, the scheme had outperformed its benchmark-the FYSE Gold mines (CAP) Index over the last one, three and five years and since its inception.

UNI