Axis Mutual Fund to launch Equity Fund on November 11
Axis Mutual Fund, promoted by Private lender Axis Bank, has announced the launch of its first equity fund, which will be called as ‘Axis Equity Fund’, a diversified equity fund benchmarked to the S&P CNX Nifty.
Mr Rajiv Anand, Managing Director & CEO, Axis AMC said, “We aim to offer total investment solutions to consumers and not just individual products. Our research has shown that there is a huge demand for simplicity and trust in financial services.''
Latest reports suggests that in the past five years (as on October 30, 2009) all the 85 diversified equity funds have given positive returns with the worst giving 12% per annum and the best at the rate of 34% per annum.
Axis Equity Fund will open for subscription on November 11 and close on December 8. It will re-open for purchase and redemption on January 7, 2010.
The interested investors can apply via a lump sum purchase or through Systematic Investment Plans (SIP) during the NFO. The minimum lump sum purchase will be Rs 5000.
The scheme is available in two options-growth and dividend and exit load will be charged at the rate of 1%, if the investor redeems/switches out from scheme within one-year from the date of allotment.