Sahara Mutual Fund has planned to roll out nine products in 2008-09 which will be a mix of equity, debt and specialised mutual funds.
This apart, the fund house will also set up 15 more offices across the country to take its network to 30 by the end of this fiscal.
“We intend to launch nine mutual funds in 2008-09 which will be a mix of equity, debt and specialised fund offerings. Our objective is to expand our customer base and we would set up 15 new offices throughout the country in 2008-09”, MD Naik, head (marketing and investor relations) of Sahara Mutual Fund said here at the launch of the Sahara Banking and Financial Services Fund.
At present, Sahara Mutual Fund manages seven equity funds with assets under management of over Rs 200 crore and a customer base of around 1.5 lakh.
Sahara Banking and Financial Services Fund is an open-end sectoral growth fund with the objective to generate long-term capital appreciation through investment in equity and equity related securities of companies in the banking and financial services segments.
At least 75 per cent of the total assets will be invested in equity and equity related securities and a maximum 25 per cent of the total assets may be invested in debt and money market instruments.
Sahara Mutual Fund aims to mobilise around Rs 100 crore from this new fund.
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“The Indian economy is well on its path to become one of the largest economies in the world. The sound banking and financial system of the country is proving to be the catalyst in forging the high GDP growth rate for India”, said Naik.
“This fund is an opportunity for its investor to directly play the Indian economic growth story. The fund may not be able to generate healthy returns in the short-term but it is a golden opportunity for long-term wealth creation”, he added.
The new fund offer opens on July 28 and would close for initial subscription on August 26.
The scheme is available in two options — growth and dividend and the minimum application amount is Rs 5,000.