The Hindu Business Line : UTI Mutual plans scheme to invest in foreign cos

THE UTI Mutual Fund plans to to launch a scheme next month giving Indian investors an opportunity to invest in foreign companies in the established and emerging markets, according to Mr Ashutosh Bishnoi, the Chief Marketing Manager.

Interacting with the local press here on Wednesday, Mr Bishnoi said Indian investors could even now invest in foreign companies, "but it is fraught with great risks. Only institutional investors will be able to do that. For retail investors mainly, we are launching the scheme."

He said the funds would be invested in the large markets initially and later in the emerging markets. The company has tied up with State Street Global Advisers for the purpose.

Mr Bishnoi said the UTI Asset Management Company had currently 55 branches (three of them in Andhra Pradesh) and 15,000 agents. "It is our plan to increase the branches to 100 and appoint 10,000 more agents during the financial year. In future, we will also use the services of financial intermediaries to increase our reach," he said.

Mr Bishnoi said the fund was managing assets worth Rs 21,638 crore and it plans to double it by the end of the financial year.

Mutual funds offer the best chance to the small investor in the current scenario of falling interest rates, he said.