Financial Daily from THE HINDU group of publications
Friday, Dec 23, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 23, 2005 |
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Mutual Funds Industry & Economy - Social Security UTI MF shortlisted for managing National Investment Fund Our Bureau
Kolkata , Dec. 22 THE Government has shortlisted UTI Mutual Fund for managing the National Investment Fund, the new vehicle for funding health and primary education projects. UTI MF intends to leverage its expertise as the country's No. 1 asset manager handling Rs 25,500 crore, said Mr U.K. Sinha, CEO. NIF, which will be set up through proceeds earned from the government's disinvestment programme, will earmark its earnings essentially for social sector schemes; a small part is expected to be used to fund capital investment requirements of select public sector outfits. It will pay considerable attention to health and education. A couple of other entities have also been shortlisted, it is learnt. The MF hopes to tap overseas investors, especially NRIs, through its internationally-focused initiatives, said Mr Sinha, while alluding to its offshore funds, particularly the India Pharma Fund which has of late attracted the non-resident community. The offshore funds will try to reach out to new geographies. UTI MF will also depend on a revision in norms with regard to the proposals formed in association with State Street Global Advisors. The two products that were conceived are yet to see the light of the day. UTI MF also hopes to come up as a pension fund manager. More clarity is expected on this issue soon. A financial `multiplex'
UTI Mutual Fund intends to be positioned as a financial "multiplex," Mr Sinha told newspersons, referring to the miscellaneous services and facilities the fund house hopes to provide. The MF, which plans to leverage technology to offer value-added services, will cater to various categories of investors, depending on their specific requirements. The idea is to provide a wide range of products, based on the clients' risk profiles. One of the proposals relate to its portfolio management services, which manages about Rs 200 crore. The MF sees considerable scope in this area, given the marked increase in the number of high-net-worth individuals in the country. The fund house will soon add several schemes to its product basket. These may include the proposed UTI Leadership Fund (which has been approved by SEBI) as well as a few fixed-term schemes.
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