Birla Starts Gold-Backed Fund in India to Lure Bullion Investors
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Birla Sun Life Asset Management Co. began selling a gold-backed fund in India, the biggest consumer of bullion, to tap investors’ interest in such products.
The minimum subscription amount in the exchange-traded fund is 6,000 rupees ($135), Birla Sun Life said today in an e-mailed statement. The plan will close on May 9 and the money raised will be invested in gold with 99.5 percent purity sourced from refineries approved by the London Bullion Market Association, Birla said.