Asset management company (AMC) Tata Mutual Fund today launched an open-ended scheme that aims to provide a financial planning tool for long financial security based on retirement planning goals. 'Tata Retirement Savings Fund' will open on October 7 and close on October 21. The minimum investment amount for the fund is Rs 5,000 along with an SIP option that entails minimum Rs 500 per month,Tata Asset Management President and CEO Sanjay Sachdev told reporters here. The strategy of the fund will be mainly a mix of large and mid capital firms,he said,adding the focus will mainly be on big caps. It offers three options to investors Progressive,Moderate and Conservative Plans. The Progressive Plan will have more equity exposure and the conservative less,Sachdev said. "The fund offers an auto switch option from one plan to the other depending on investors' risk appetite." It also offers auto withdrawal facility that will provide investors with regular cash flow after they turn 60,he said. The private fund house manages around Rs 22,633 crore worth of assets across its various offerings.
