Union Asset Management Company, the funding supervisor to Union Mutual Fund sponsored by Union Bank of India and Japan’s Dai-ichi Life Holdings, on Monday introduced the launch of Union Children’s Fund, an open-ended fund for funding for youngsters. It could have a lock-in interval of 5 years or until the kid attains the age of majority, whichever is earlier.
The new fund supply (NFO) of Union Children’s Fund will open on November 28, 2023, and shut on December 12, 2023. The scheme will re-open for ongoing sale and repurchase inside 5 enterprise days from Allotment.
“Benchmarked against S&P BSE 500 Index (TRI), the Scheme aims to generate long-term capital appreciation by investing in a mix of securities comprising equity, equity-related securities and debt instruments as per the asset allocation pattern of the Scheme with a view to providing investment solution to investors,” Union AMC mentioned in an announcement.
The minimal utility quantity for funding within the scheme is Rs 1,000 and in multiples of Rs 1 thereafter, it mentioned.
G Pradeepkumar, chief govt officer (CEO) of Union AMC, mentioned, “At a time when inflation is on the rise, it has become challenging for people to invest for their children’s future needs. In this scenario, imagine a future where each child’s dreams have no limits, where his/her potential is nurtured, and where every milestone is supported with unwavering love and financial well-being. That’s exactly what Union Children’s Fund aims for – to help you plan for your child’s bright future. This investment can be a tangible expression of your love and commitment towards your child.”
