Union KBC MF launches its first Equity Fund
Union KBC Mutual Fund has announced the launch of its first fund -Union KBC Equity Fund. It is an open ended equity diversified scheme.
Investment Objective and Strategy: The objective of this scheme is to generate long term capital appreciation by investing substantially in a portfolio of equity and equity-related instruments. The Fund Manager has the freedom to invest 75% to 100 % in equity and equity related instruments and upto 25% in money market instruments. The investment team will follow the combination of Top down and Bottom up approach while making investments.
Fund Manager: Mr. Ashish Ranawade will be the Fund Manager of this scheme. He has over 16 years of experience in investments. He has worked with UTI MF and ING Investment management (India) Limited as head of PMS with responsibilities of portfolio performance and business strategy.
Fund house: Union KBC Asset Management is a joint-venture between Union Bank of India, a leading Nationalised Bank in India and KBC Asset Management, the asset manager of Belgium-based Bancassurer, KBC Group.
Union Bank of India has around 3,000 branches in the country with a customer base of about 3 crores. For this product, the fund house will be targeting the Union Bank customer base through its branch networks.
KBC Asset Management is mainly active in its home markets of Belgium and Central and Eastern Europe.
Basic Details:
NFO Opens: May 20, 2011
NFO Closes: June 03, 2011
Options: Growth and Dividend
Minimum Application Amount: Rs.5000 for lump-sum, Rs.1000 for SIP
Exit Load: 1% if redeemed or switched out on or before completion of 1 year from the date of allotment and NIL thereafter.
Benchmark: BSE 100 Index
Fund Manager: Mr. Ashish Ranawade
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