The Hindu Business Line : Update

Reliance Mutual has launched its maiden close-ended scheme, Reliance Long Term Equity Fund. The fund will be automatically converted into an open-ended scheme on maturity, after three years. The fund will primarily focus on the small and mid-cap companies. It defines a stock with market capitalisation of less than Rs 250 crore as small-cap and those falling in the Rs 250-1500 crore range as mid-caps.

The fund will have no entry load during the offer. The exit load will be 4 per cent if if redeemed within a year.The load reduces to 3 per cent if redeemed between 1-2 years and 2 per cent between the second and third year. Redemption is available at half-yearly intervals.

On conversion into an open-ended fund, there will be no exit load but an entry load of 2.25 per cent will be charged for subscription below Rs 2 crore .The minimum application amount is Rs 5,000. The fund will be managed by Mr Sunil Singhania and will be benchmarked against the BSE 200. The offer is open till December 11.

OptiMix has launched its Dynamic Fund of Funds scheme Series II, a three-year close-ended scheme. The fund has the flexibility to switch between equity and debt in any proportion.

The new fund opened for subscription on November 10 and will close on December 20. The scheme, which offers dividend and growth options, requires a minimum investment of Rs 5,000. The fund is benchmarked against the Crisil Balanced Fund Index.

HSBC Mutual Fund has announced the launch of its open-ended equity linked saving scheme HSBC Tax Saver Equity fund. The new fund offer is open from November 20 to December 15. An entry load of 2.25 per cent will be charged up to an investment of Rs 5 crore and nil load beyond that. The scheme has a lock-in period of three-years from the date of allotment.

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