In a bid to double its assets under management, SUN F&C Mutual Fund (MF), plans to launch four new funds next year.

SUN F&C MF is currently launching its balanced scheme. The four proposed funds will be in addition this scheme. The MF plans to double the assets under management from Rs 8.4 bn at present, to more than Rs 15 bn by next year.

As reported by a leading financial daily, the new funds would include an integrated fund to invest in the international market for equities and debt, an emerging technology fund, a daily dividend fund, and a monthly income plan fund.

The fund for investment in international equities and debt will be launched subject to approval from the Securities and Exchange Board of India (SEBI) and the finance ministry. Currently, the Indian MFs can only buy and sell equities of domestic companies listed in overseas markets.

The emerging technology fund will invest in software, biotechnology and pharma, in addition to multimedia and web-centric companies.

The daily dividend fund will be launched with the objective of reducing tax burden on investors, while the monthly income plan fund will be a plain vanilla income fund targeting 80% investments in fixed income securities and 20% in equities.

SUN F&C's proposed products are innovative and will offer a range of options to a variety of investors. Over the past few months, SUN F&C's Value Fund has performed exceedingly well, as a result of which, it has witnessed large inflows. The fund will be looking to bank on this, when it goes to the investors again next year.

The 6-8 months have witnessed MFs coming out with innovative products to woo a large section of investors. They are keen on capitalising on the renewed interest in MFs. In this regard, the private funds have done better than their public sector counterparts.

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