New UTI MF To Mop Up Rs 2000Cr

KOCHI: UTI Mutual Fund on July 6, said it was planning to mop up about Rs 2,000 crore all over India from its new scheme, UTI-India Lifestyle Fund. The fund, which opened on July 2, is expecting to cover about five lakh customers in the country by July 25 when it closes. The three-year close ended Equity oriented scheme, with an investment objective to offer long-term capital appreciation and income distribution from a diversified portfolio of equity and equity related instruments of companies that are hoped to benefit from changing Indian demographics, Indian lifestyles and raising consumption pattern. Over the last few years, due to increasing income levels Indian consumers are showing a marked preference for new products and services which deliver higher levels of quality than conventional items. This has changed the scale of demand for household goods and services like autos, home goods, telecom, consumer finance, leisure, entertainment.