UTI Mutual Fund to bring out six new schemes this financial year

India’s second biggest money manager UTI Mutual Fund has announced that they would be bringing out six schemes by the end of March 2007. This news comes despite the way markets have been behaving in the last couple of months.

UTI AMC Chief Investment Officer, A K Sridhar spoke about their plans: “We have lined up six schemes to be introduced during the current fiscal including gold exchange traded fund and overseas investment fund.”

He added that the next offering from the group would be a close-ended diversified equity fund. It would be followed by a gold exchange traded fund, which is coming up for subscription in the month of August.

Sridhar added: “we are awaiting regulatory approvals from the market regulator SEBI and the Reserve Bank of India for floating overseas investment fund. The corpus of the fund would be utilized for investment in top global companies.”

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