India Lifestyle Fund from UTI Mutual
03 Jul 2007
Chennai:
UTI Mutual Fund has launched a new scheme called UTI-India
Lifestyle Fund. The three-year close-ended equity oriented
fund will invest the corpus in equity and equity related
instruments of corporates that are expected to benefit
from changing Indian demographics, lifestyle and rising
consumption pattern.
The new fund opened on 2 July, 2007 and closes on 25 July, 2007. The fund does not have either an entry or exit load. In case an investor exits during the first three years an early exit charge equivalent to the unamortised new fund expenses will be recovered.
According
to R Raja, senior vice president, UTI Asset Management
Company, "Indian consumers are showing a marked preference
for new products and services that deliver higher levels
of quality than conventional items. This has changed the
scale of demand for household goods and services such
as automobiles, home goods, telecom, consumer finance,
leisure, entertainment, media and others. The UTI India
Lifestyle Fund endeavours to invest in companies, which
benefit directly from changing lifestyles of people of
India."
The new scheme is open to resident individuals, institutions as well as to Non Resident Indians and foreign institutional investors. The face value of units is Rs10 and the minimum investment is Rs5,000 and in multiples of Re1 thereafter. After three years the scheme will be converted into an open ended one.
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. five
business days on a half yearly basis after the closure
of the NFO.