UTI AMC ties up with cancer support firm to encourage donations
Firm launches CanServe facility in three of its existing funds—UTI Balanced Fund, UTI Spread Fund and UTI Mastershare Unit Scheme
Mumbai: More than four years after HDFC Asset Management Co. Ltd launched a debt fund that allowed investors to donate their dividend proceeds for cancer patients, UTI Asset Management Co. Ltd launched a facility on similar lines.
Called CanServe, UTI AMC Ltd has launched this facility in three of its existing funds; UTI Balanced Fund, UTI Spread Fund and UTI Mastershare Unit Scheme. Unlike HDFC AMC which had launched a separate scheme for the purpose, UTI’s initiative is in its existing schemes.
UTI AMC has tied up with St Jude India ChildCare Centres for this initiative. The firm provides post-operative care and support to children suffering from cancer and their families when they visit the cities for treatment. B
Based in Mumbai, the firm has 16 centres across Mumbai, Delhi, Kolkata, Hyderabad and Jaipur. To fund the expansion of the care centre, it has tied up with UTI AMC wherein it hopes to nudge investors to contribute their dividend proceeds- or part of their investments, whichever way possible- to contribute.
Investors in the dividend plan of any of these schemes can choose to donate their dividends, as and when the funds declare them. Investors can donate either 50% or 100% of their dividend proceeds.
If investors choose to invest in the growth plan, they can opt to invest a specific amount, subject to a minimum of Rs.1,000, at half-yearly intervals. An equivalent number of units will be redeemed and the fund house will donate the amount to the care centre.