New Delhi, Feb. 20 (PTI): UTI Mutual Fund (UTIMF) has filed an application with the Securities and Exchange Board of India (Sebi) for launching a dividend yield fund. It is also planning to come up with an offshore fund that will invest in equities of MNCs having joint ventures in India.

?We are contemplating an offshore fund that will invest in MNCs having JVs in India with at least 10 per cent stake,? a senior UTI AMC official said.

The country?s leading mutual fund also wants to float a fund that will invest in Dow Jones Global Titans index, which incorporates 50 blue-chip global companies.

UTI AMC is awaiting the nod of a high-level committee on capital markets in this regard.

At home, the fund house plans to launch more schemes to increase its assets under management by 50 per cent to Rs 30,000 crore by next year.

?We have filed an application with Sebi for coming up with a dividend yield fund,? the UTI AMC official said.

Although the official declined to give any target, market sources said UTI can easily mop up about Rs 1,000 crore from this fund.

Handsome earnings of PSU and private companies this fiscal has raised hopes of hefty dividends in the coming months.

In this perspective, dividend yield funds are fast catching the fancy of investors who might not like to take the risk of investing in a wide range of companies and yet want a handsome return.

Some of the private funds like Birla Sunlife have given high returns on their dividend yield funds. Other houses like UTI AMC have also come up with similar products.

UTI AMC hopes for a good response from investors for its proposed dividend yield fund going by the example of its Master Value fund.