The Hindu Business Line : UTI Mutual plans to beef up branch network

UNIT Trust of India (UTI) Mutual Fund proposes to strengthen its branch network across the country and launch niche products, according to its President, Mr K. Madhava Kumar

Mr Kumar told newspersons on Monday that the company has acquired Rs 2,180 crore of business of IL&FS Mutual Fund and close to Rs 26,000 crore during the last financial year.

Further, it has distributed close to Rs 2,900 crore to unit holders by way of bonus and dividend during the last two years, he said.

"We now plan to focus on further strengthening our branch network and introduce new niche market products. We currently have a network of 56 branches across the country and 55 products. We have over 300 chief representatives and chief agents and more than 16,000 AMFI certified financial advisors nationwide," he said.

To begin with, the asset management company has firmed up plans to open three more branches (Secunderabad, Hyderabad and Kadapa) in Andhra Pradesh, taking the total to six. At present, UTI MF has three offices at Hyderabad, Visakhapatnam and Vijayawada.

However, Mr Kumar said the company has not yet fully finalised its expansion plans for the entire country and expects to do so shortly. "We find ample scope for expansion in the towns across the country," he said.

Declining to provide details on the products in the pipeline, he said the company was looking at niche market products to cater to the growing needs of investors. "As a part of this strategy, we are now launching the Dividend Yield Fund. The launch of new products will depend on the opportunities and market behaviour," he said.

According to Mr Kumar, UTI MF is currently catering to the needs of over 80 lakh investors across the country. "Nearly 65 per cent of the investors accounts of Indian MF industry are currently with UTI MF, which endorses the investors' trust and confidence in us. We are the only MF in the country to have a full-fledged research department, employing sound investment processes and practices."

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