UTI launches new equity fund

UTI Mutual Fund has announced the launch of 'UTI Leadership Equity Fund', an open-ended equity-oriented scheme that would invest both in 'existing leaders' and 'potential leaders'.

The scheme closes on January 30, 2006, and will reopen for continuous purchase and redemption from February 28, 2006.

"The scheme will invest to the extent of 65 per cent in the top five leading companies of an industry or sector in terms of sales turnover, market share or capitalisation and 35 per cent in companies that are potential leaders," said K Madhavakumar, chief marketing officer, UTI Asset Management Company Limited.

The fund manages assets worth over Rs 25,200 crore with investments of Rs 12,200 crore in equity-related instruments and the remaining in debt and government securities (about 3 per cent). It has an investor base of 68 lakh under its 55 domestic schemes as on December 31, 2005.