Union KBC launches new series of capital protection fund

MUMBAI: Union KBC Mutual Fund today launched a new scheme 'Union KBC Capital Protection Oriented Fund- Series 5', which is a 36-month close-ended capital protection- oriented scheme.

The new fund offer is open for subscription from January 15 to January 29, a company release said.

As per the fund house, through investing a majority of the corpus in highly rated debt and money market instruments, the scheme aims to protect the capital at the time of maturity.

"The scheme is ideal for experienced investors who have stayed away from investing in equity because of the recent equity market volatility and for first time mutual fund investors as it aims to protect their capital at the time of maturity of the scheme while still giving them exposure to the equity markets," chief executive G Pradeepkumar said.

Union KBC AMC is a joint venture in which Union Bank of India holds 51 per cent stake with the rest held by KBC Asset Management NV through its subsidiary KBC Participations Renta.

Union KBC MF manages an average asset under management of Rs 2,266.45 crore by the end of December quarter of this fiscal.