SBI mutual fund has launched gold fund

By | June 19, 2011

As per a recent press report, SBI mutual fund has launched a new fund offer, SBI Gold fund which is an open ended fund of fund scheme to enable investors to invest systematically in gold and gain advantage of the recent rally in the metals prices.

Further the capital or the corpus collected through the NFO would be invested in SBI gold exchange traded fund. The managing Director and Chief Executive, SBI Mutual Funds said that it is a convenient product and will give an opportunity to an investor to invest in the purest form of gold without the need of buying and storing physical gold, that too without a demat account unlike gold exchange traded funds.

He also said that there was demand for the EFTs and the assets under the ETF schemes in the country crossed Rs.6, 000 crore last months. The report also said that the minimum investment in the fund would be Rs.5, 000 and the new fund will open on August 22 and close on September 5.

Further the fund house also said that the investors could avail gold loan from the country’s largest lender SBI for gold exchange traded funds. At the end of June quarter, SBI MF managed assets worth Rs. 47, 874 crore and SBI is the sponsor of the fund.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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