Mumbai: Kotak Mahindra Asset Management Company, today launched of Kotak Multi Asset Allocation Fund. The fund is an open-ended debt scheme that aims to generate income by predominantly investing in debt and money market instruments, growth by investing moderately in equities and overall diversification by investing in gold, the company said in a statement. The scheme aims to invest at least 75-90 percent in debt and money market instrument, 5-20 percent in equity and equity related instruments and 5-20 percent in gold, it said. The scheme will take exposure to gold through Gold Exchange Traded Funds (ETF). The New Fund Offer (NFO) will be open from December 31 to January 14, 2011. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra Asset Management Company said, "Currently the equity market is reeling under aftermath of the Eurozone crisis and domestic political uncertainty and uncertainty over global growth still remains." "On the other hand, yields remain high in the debt market, providing high-yielding opportunities. Gold has been a good performer the recent past due to the impact of global economic turbulence," Kirkire said. "There is thus the need for a product which offers stability of debt, growth from equities as well as overall diversification from gold and this is what we are looking at offering our investors with the Kotak Multi Asset Allocation Fund," Kirkire said.