Financial Daily from THE HINDU group of publications
Saturday, Feb 12, 2005
Financial Daily from THE HINDU group of publications Saturday, Feb 12, 2005 |
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Markets
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Mutual Funds Tata MF launches service sector equity fund Our Bureau
Mr Ved Prakash Chaturvedi, Managing Director, Tata Mutual Fund, at a press conference to launch the `Tata Service Industries Fund' in Mumbai on Friday. - Paul Noronha
Mumbai , Feb. 11 TATA Mutual Fund has launched the Tata Service Industries fund, a sector specific equity fund. This open-ended equity fund would invest predominantly in equity or equity related instruments of companies in the service industries. The universe of investment of the fund would encompass verticals such as IT-enabled services, banking, healthcare, tourism, communications, media and entertainment, among others. The fund can also invest up to 30 per cent of net assets in debt and money market instruments. The initial public offering for the scheme remains open till March 10, 2005. Tata Service Industry Fund would be available in dividend and growth options, both with a minimum application requirement of Rs 5,000. The fund would charge an entry load of 2.25 per cent for investments less than Rs 2 crore and an exit load of 2.25 per cent if redeemed before 365 days of investment. The fund can also invest up to 30 per cent of net assets in debt and money market instruments. "We expect to exceed our collections on the Tata Infrastructure Fund with this fund by 20 per cent. Tata Infrastructure fund closed its IPO at Rs 770 crore with 1.15 lakh investors," said Mr Ved Prakash Chaturvedi, Managing Director, Tata Mutual Fund, while addressing a press conference. The fund house currently services over five lakh investors across its various schemes, Mr Chaturvedi said.
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