Financial Daily from THE HINDU group of publications
Friday, Sep 02, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 02, 2005 |
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Markets
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Mutual Funds Birla Sun Life launches Top 100 Fund — Alliance schemes to be in its fold from Sept 23 Our Bureau
Mr S.V. Prasad (left), CEO, Birla Mutual Fund with Mr Raghvendra Nath, Vice-President Strategy & Business Development, at a press conference held in Mumbai on Thursday. - Paul Noronha
Mumbai , Sept. 1 THE schemes of Alliance Capital Mutual fund will be part of the Birla Sun Life Mutual Fund portfolio from September 23. Birla Sun Life had acquired these schemes in October 2004 and has been awaiting regulatory and other clearances. Mr S.V. Prasad, Chief Executive Officer, Birla Sun Life Mutual Fund, said there are no plans to club the acquired schemes with any of the existing schemes of Birla Sun Life MF. Mr Prasad was speaking at the sidelines of a press conference that announced the launch of Birla Top 100 Fund. The fund is an open-ended equity scheme that would focus on investing predominantly in a diversified portfolio of large-cap stocks. Between 65-100 per cent of the fund would be invested in the top 100 Indian companies based on market capitalisation and the remaining up to 35 per cent would be invested in other companies. The fund is aimed at long-term investors whose risk profile is slightly lower and who want to gain from the prospects of large cap companies, according to Mr Prasad. "The returns from this fund would not necessarily be as high as those of mid-cap funds, but the risk element is also lower in this fund," he added. The new fund offer is open till September 28. The scheme is offered in both dividend and growth options, with a minimum investment level of Rs 5,000. The fund charges entry load of 2.25 per cent (except on the systematic investment plan) and exit load of one per cent for redemptions in less than six months.
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