UTI launches leadership equity fund

The UTI Mutual Funds (Mfs) today launched its new equity oriented scheme "UTI Leadership Equity Fund".

The fund that would be open from January 9-30, 2006, UTI asset management company, executive director, D S R Murthy said. Adding that, the scheme would reopen for continuous purchase and redemption from February 28 onwards.

With a face value of Rs 10, the minimum initial investment would be Rs 5,000 and the scheme would come with two options, viz growth option and dividend option with payout and reinvestment facility, Murthy said.

He said about 65-100% of the fund generated would be invested in equity and equity related instruments of "leaders and potential leaders" and added the scheme may also invest in debt and money market instruments.