from daijiworld's special correspondent

Panaji, Sep 13: UTI Mutual Fund has launched its new scheme "UTI Wealth Builder Fund", which closes on October 11.

"UTI Wealth Builder Fund is a close-ended equity scheme with a five-year maturity period with automatic conversion into an open ended scheme on its maturity," Amandeep Chopra, UTI Fund Manager, told reporters here.

Announcing the scheme, Chopra said objective of the scheme is to achieve long-term capital appreciation by investing predominantly in a diversified portfolio of equity and equity-related instruments.

"The fund is open to resident individuals institutions as well as NRI and FIIs. Minimum initial investment is Rs 5,000 and in multiples of Re 1 thereafter without any upper limit," Chopra said.

He said the scheme offers two options -- growth option and divident-payout option. "We expect to mobilise Rs 1,500 crore to Rs 2,000 crores under this scheme from retail investors," Chopra added.

On the profile of investors, he said young investors are increasingly getting into the funds. "We will have diversified investors' profile as the minimum amount is mere Rs 5,000," Chopra said.