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UTI Wealth Builder Fund

UTI Mutual Fund has announced the launch of UTI Wealth Builder Fund. The new fund offer opens on September 7, 2006 and closes on October 11, 2006.

UTI Wealth Builder Fund is a close-ended diversified equity scheme with a maturity period of 5 years with automatic conversion into an open-ended scheme upon maturity of the scheme.

The scheme aims to achieve long term capital appreciation by investing predominantly in a diversified portfolio of equity and equity related instruments. The scheme will invest atleast 65 per cent of its assets in equity and equity related instruments and the rest in debt and money market instruments. It would benchmark its performance against BSE Sensex. The scheme would be managed by Amandeep Chopra and Harsha Upadhyaya.

The minimum initial investment in the scheme is Rs.5000. It would not charge any entry load during the new fund offer period. The scheme will offer redemption/switch out of units on an ongoing basis at half yearly intervals at NAV based prices. The redemption/switch out will be available only during the specified redemption period i.e. first five business days on half yearly basis after the closure of the scheme.