Birla Sun Life MF launches new close-end equity fund

MUMBAI: Birla Sun Life Mutual Fund has launched a new fund 'Birla Sun Life Focused Equity Fund- series 2', which is a closed ended equity scheme investing in eligible securities as per Rajiv Gandhi Equity Savings Scheme, a company release said.

The new fund offer, which has opened for subscription from February 26 and will close on March 14, 2014.

The scheme, which is a large-cap oriented fund, will invest in the equity securities specified as eligible securities under the RGESS guidelines that include equity shares of companies falling in the list of BSE 100 and CNX 100 and PSUs categorised as Navratna, Maharatna or Miniratna by the central government.

"The improving market environment makes this a good time for retail investors to consider long-term wealth creation through equities. A close-ended equity fund like ours can be well positioned to capture this for investors," Chief Executive Officer of Birla Sun Life MF, A Balasubramanian said.

Birla Sun Life MF has an average assets under management (AUM) of Rs 84,998 crore by the end of December quarter.