The Hindu Business Line : Birla Sun Life MF plans multiple yield fund

Birla Sun Life Mutual Fund plans to launch a multiple yield fund, which would primarily invest in debt instruments. Mr Ravi Sharma, National Head - Sales and Distribution, said: "We have got approvals from SEBI for the multiple yield fund but we are waiting for the right market condition for the launch."

The fund would primarily invest in debt instruments but will also have some exposure in equity, he said. At present, Birla Sun Life has 40 schemes.

Speaking at the launch of the Birla Long Term Advantage Fund, Mr Sharma said it would aim to provide long-term capital appreciation by investing predominantly in a diversified portfolio of equity and equity-related securities. The Long Term Advantage Fund would close on September 8.

"This five-year closed-ended fund would invest 80-100 per cent of the corpus in the equity or equity-related instrument with the option of taking exposure of about 50 per cent of the total assets in derivatives during the period of volatility," he added. Asked about the likely sectors for investment, Mr Sharma said, "We are looking to invest money collected in sectors like IT, banks and capital goods."

On expansion plans, he said that Birla Sun Life wants to increase the number of branches to 33 from the existing 22 branches across the country. Asset under management of the Birla Sun Life Mutual Fund is about Rs 16,603 crore as on August 7 and it manages the money of over 9 lakh investors.

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