Union Asset Management Company, the investment manager to Union Mutual Fund sponsored by Union Bank of India and Japan’s Dai-ichi Life Holdings, on Monday announced the launch of Union Children’s Fund, an open-ended fund for investment for children. It will have a lock-in period of 5 years or till the child attains the age of majority, whichever is earlier.
The new fund offer (NFO) of Union Children’s Fund will open on November 28, 2023, and close on December 12, 2023. The scheme will re-open for ongoing sale and repurchase within 5 business 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 said in a statement.
The minimum application amount for investment in the scheme is Rs 1,000 and in multiples of Rs 1 thereafter, it said.
G Pradeepkumar, chief executive officer (CEO) of Union AMC, said, “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.”
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