Birla MF floats new scheme

MUMBAI, SEPT 6: Birla Mutual Fund, the country's largest private sector mutual fund, has launched its open-ended balanced fund, Birla Bal...

MUMBAI, SEPT 6: Birla Mutual Fund, the country’s largest private sector mutual fund, has launched its open-ended balanced fund, Birla Balance. Announcing this at a press conference here on Monday, Kumar Mangalam Birla, chairman, Birla Sun Life Asset Management Company, said that Birla Mutual Fund which currently has assets under management of over Rs 2,300 crore is likely to cross the Rs 3,000-crore mark before the end of December 1999.

“The launch of Birla Balance is a step in this direction. Birla Mutual Fund has reoriented itself from an investment product perspective to an investment solutions perspective,” he added.

Birla said the launch of Birla Balance comes at an opportune time with the economy starting to look up, interest rates moving southwards and the stock market beginning to show signs of revival. “This augurs well for investors who would like to optimise their gains by controlled exposure to equity through Birla Balance,” Birla said.

Jeremy Beswick, CEO, Birla Sun Life AssetManagement Company said "a fund like this is in great demand in the market place, as it seeks to provide an investor with a return greater than a pure debt portfolio, but with less volatility, ie risk, than a pure equity portfolio. As a core medium term investment, it will therefore provide ideal for investors of almost all age groups and risk profile".