The Hindu Business Line : SBI may buy out UTI MF sponsors

State Bank of India, one of the four sponsors of UTI Mutual Fund, will consider proposals to buy out the others if the offer is right and the situation is conducive for such a move, Mr Purwar hinted.

The other sponsors of the country's largest asset management company are LIC, PNB and BoB.

"We are open to the idea of acquiring new business. We will also allow SBI Mutual Fund to run on its own. In case the proposal (involving UTI MF) is actually carried out, its assets will not be coalesced with those managed SBI MF," he said.

SBI MF, among the few PSU-promoted asset manager, recently tied up with Societe-Generale, which holds - over 30 per cent - stake in the company.

SBI, the promoter, is not willing to offer more to the overseas fund house. "We will continue to hold majority stake in SBI MF," the SBI Chairman said.

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