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NT Bureau
Chennai, Feb 22:

        UTI Mutual Fund announces the launch of 'UTI Gold Exchange Traded Fund' from 1 March and the New Fund Offer (NFO) closes on12 March.

        'The objective of this fund is to provide returns besides tracking the performance and yield of gold, ' said U K Sinha, chairman and managing director of the firm.

        He said the new scheme would be invested in gold bullion and would reflect the international price of gold in the market.

        Sinha pointed out that the new scheme would offer investors an innovative and a relatively cost efficient and secure way to access the gold market without the necessity of taking physical delivery of gold.

        Mohit Sachdev, country head and president of the firm said that the new strategy would offer an opportunity to investors in diversifying their portfolio by investing in a new asset—gold without the hassles of handling the physical asset and added that investors could buy and sell even a single unit of the scheme on National Stock Exchange once the scheme is listed.

        UTI Mutual Fund has assets of over Rs 37,500 crore and investor accounts of over 7.7 million under it's 65 domestic schemes as of 31 Jan , 2007. A major chunk is for investment as an asset and not for the jewellery market, Sinha added.