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UTI Mutual Fund to launch Wealth Builder Fund
By siliconindia
New Delhi: Investors will now get exposed to equities as well as gold under UTI Mutual Fund. The new scheme-Wealth Builder Fund-Series II is first of its kind in the mutual funds industry and is likely to be launched on October 21.
Wealth Builder Fund Series -II plans to invest mainly in diversified range of equity instruments along with gold and gold related instruments in order to attain long term capital appreciation, reported Business Line. While Wealth Builder Fund Series-II would be an open ended fund, the UTI Wealth Builder Series -I was a closed ended fund with investments only in equities.
The asset allocation planned and filed for regulatory approval revealed that 65-100 percent could go towards equity, up to 25 percent could go towards gold and gold related instruments and also 0-25 percent could go towards debt and money market instruments.
The BSE-100 would be the standard index for the equity part of the portfolio. The prices of gold as per SEBI regulations for gold ETFs would be the benchmark for investments in gold and gold related instruments (including domestic Gold exchange traded funds).