Fidelity International has announced the launch of its Fidelity Wealth Builder Fund, an open ended fund of funds scheme offering asset allocation options with three Plans, in the Indian market.

The investment objective of the fund is to generate reasonable returns based on the Plan selected with minimum and maximum asset allocation between debt and equity.

The company stated in a press release that the fund manager will use a two-tier investment approach i. e. asset allocation and fund selection to invest in Fidelity's funds.

The Fidelity Wealth Builder Fund offers three Plans with varying levels of exposure to debt and equity that investors can choose from depending on their risk appetite.

Under Plan A, the Fund will invest up to 85% in debt schemes and around 15% in equity schemes. While, under Plan B, the Fund will invest around 30% of net assets in equity schemes and the remaining in debt schemes.

However under Plan C, the Fund will invest at least 50% of the net assets of the Plan in debt schemes and 50% of the net assets of the Plan in the equity schemes.

The latest launched product is a zero entry load Fund, and its NFO will be open from January 14 to February 5, 2009.