Financial Daily from THE HINDU group of publications
Saturday, Apr 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 23, 2005 |
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Markets
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Mutual Funds UTI Mutual spreads wings in eastern region Nilanjan Dey
Kolkata , April 22 SALES figures logged in the eastern region, considered a relatively risk-averse market for long, have sprung a surprise for UTI Mutual Fund, thanks mainly to what is being identified as the region's growing appetite for equity schemes. As much as 75 per cent of the fresh sales recorded by the fund is on account of inflows into various equity products managed by it, figures pertaining to the year ended March 31, 2005, indicate. Considering the previous year's contribution of equity to UTI MF's total sales, this represents a 100 per cent escalation and a significant change for the fund house. An increasing interest displayed by investors based in the region in equity funds, buoyed by the stock markets and driven partly by dividends announced in some of the better-known schemes, have resulted in the change, said Mr T.K. Maji, head of UTI MF in the East. He was referring particularly to the dividends declared by schemes such as UTI Master Value and UTI Mastershare; the former, incidentally, paid a 100 per cent dividend earlier this year. While this interest has primarily benefited plain-vanilla diversified growth funds, some of the sectoral schemes too have received attention from the investing public, it is pointed out. These include funds dedicated to sectors such as auto and petroleum. The penchant for equity, the MF has conceded, has been witnessed nationally and the eastern market is not really an exception. However, what is also admitted that trend in the region is quite noticeable, especially when it is seen against the backdrop of the past. The MF had an overall asset base of around Rs 21,000 crore at the end of March. UTI MF's latest offering, UTI Dividend Yield Fund, is currently being marketed aggressively in the region, Mr Maji observed, adding that the fund house expects decent inflows from centres such as Kolkata, Bhubaneswar and Guwahati. "Guwahati, if you go by last year's sales, can well turn out to be a good market. Local investors have been responding well to all sorts of products, including liquid and floating rate funds," he said.
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