Financial Daily from THE HINDU group of publications
Friday, Feb 06, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 06, 2004 |
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Markets
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Mutual Funds UTI to acquire IL&FS schemes Our Bureau
Mumbai , Feb. 5 UTI has announced that it is going to acquire the schemes of IL&FS Mutual Fund, subject to regulatory approvals. A memorandum of understanding (MoU) was signed between the two today, according to a joint release. With the assets under management (AuM) of IL&FS MF amounting to over Rs 2,400 crore, the combined AuM of UTI MF will now be over Rs 22,000 crore. UTI MF, which has 41 domestic and four offshore schemes, will now add another 10 schemes to its portfolio. "The entire acquisition is expected to get completed over the next four months," said Mr M. Damodaran, Chairman and Managing Director, UTI MF. IL&FS mutual fund has 65,000 institutional, high net worth and retail investors, the release said. "In order to ensure that the transition process is smooth, a joint team of UTI AMC and IL&FS AMC officials has been constituted," said Mr Damodaran. The announcement indicates that UTI may also retain some IL&FS staff that it "looks forward to integrating into its human resource pool, some of the high quality manpower that IL&FS AMC possesses".
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