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Sahara Mutual Fund adopts new corporate identity
Set to to introduce its new open-ended growth fund - ‘ Sahara Wealth Plus Fund’
BY OUR CORRESPONDENT
23 June, 2005: Mumbai, June 14, 2005: Sahara Mutual Fund today announced the launch of ‘Sahara Wealth Plus Fund’. The fund is an open-ended growth scheme with the primary objective of the scheme being to invest in equity and equity related instruments of companies that would be wealth builders in the long term. The Initial Public Offer (IPO) will open on July 04, 2005 and will close on July 22, 2005. The Fund is based for the first time ever on the ‘Variable Fee Structure’ - a unique concept pioneered by Sahara Mutual Fund. Also unveiled at the launch was the New Corporate Identity for Sahara Mutual Fund.
At the launch of Sahara Wealth Plus Fund and the New Corporate Identity, Mr. Rajiv Shastri, CEO Sahara Mutual Fund said, “This is a unique initiative by Sahara Mutual Fund and perhaps the first time in India that a variable fee structure is introduced to a Mutual Fund product, wherein customers are charged a fee based on the performance. With the introduction of the new concept, we also feel that there is a need to change our corporate identity to convey to the market at large that there has been a transformation and the unique product a new fund house like ours has to offer”
The Variable Fee Structure pioneered by Sahara Mutual Fund is based on the performance of the fund. Through the Variable Fee Structure the AMC will charge a fee to investors only when the Wealth Plus Fund performs. No fee would be charged by the AMC if the fund does not perform, hence an added advantage to the investor.
The Wealth Plus fund proposes to invest in companies, which have the following attributes:
1. Sound Track record of profitability and growth
2. Respected management & Reasonable competitive advantages
3. Strong position in the segment of its business
4. Niche segment players with global competitive strength
5. Emerging businesses & Companies staging a turnaround etc
“The New Sahara Wealth Plus Fund will identify companies for investment whose three year average Return on Equity (ROE) is atleast twice the annualized yield for 5 years Government of India (GOI) Security as at the close of 31st March of the previous financial year and will also have a market capitalization of at least 100 crores at the time of investment. In order to avoid investing in a company which may show a strong ROE in the first year and lesser in future years or vice versa, a company with a three year average ROE will be preferred. Companies, which do not show consistence in earnings, may be avoided even though they post higher ROE. This is to ensure steady returns to investors” according to Mr Naresh Kumar Garg, Chief Investment Officer.
“The launch of the fund coincides with the unveiling of our new corporate identity. The Logo signifies and conveys what the company stands for, in terms of its commitment to customers and its brand values. With branches in 16 centres across the country Sahara Mutual Fund is well positioned to reach its product across a wide segment of customers and markets” said Mr Arindam Ghosh, Chief Marketing Officer
BY OUR CORRESPONDENT
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