The assets of the Magnum Triple Plus scheme would be transferred to a new scheme by the name of Magnum Growth Fund which would exclusively be subscribed to by the bank and the cash is being transferred to the Magnum Triple Plus scheme. The management of the new scheme would be with the SBI Mutual Fund.

In another development the board of the mutual fund has targeted to mobilise a huge Rs 750 crore in the current fiscal ending 2000, which would be a 212 per cent increase over the amount mobilised last fiscal. SBI Mutual Fund has already mobilised around Rs 140 crore in this year. Previous fiscal the mutual had mobilised Rs 240 crore.

SBI Mutual Fund today announcedthe launch of an umbrella fund -- the Magnum Sector Funds Umbrella which will be open for initial subscription from June 4 to July 3, 1999. The umbrella fund will have under its umbrella four sector specific funds namely, information technology, pharmaceuticals, FMCG and the contra fund with option to investors to switch among the four sector funds.

Said the managing director of SBI Mutual Fund, Niamatullah: "Sector specific funds make sound investment sense, as some sectors of the economy always have a higher growth potential than the rest. Magnum Sector Funds Umbrella brings to the investor a range of investment options in various high-growth sectors. Further, for those who subscribe to the contrarion investment philosophy is the `contra-fund' that will invest in the undervalued shares of other sectors such as the economy related sectors".

The chief investment officer of the mutual fund Ved Prakash Chaturvedi said that ``there are early signs of recovery in the economy with the spurt in the offtake ofcement. But, this spurt has to be closely watched to see whether it is sustainable or not".

The Umbrella Fund would be the sixth open-ended scheme from the stable of SBI Mutual Fund. The mutual fund has total assets under management of Rs 3,300 crore with an investor base of 20 lakh investors.