The Hindu Business Line : UTI MF to launch three offshore funds next year

UTI Asset Management Company, the country's largest fund house, plans to come out with three offshore funds next year for investing in the booming Indian equities market.

It also plans to launch three debt and equity funds in the short-term, UTI AMC's Managing Director and Chief Executive Officer, Mr U.K. Sinha, told Business Line on Monday.

The AMC's existing offshore funds have a size ranging from $30-60 million. The proposed three new offshore funds will be much bigger in size, he told Business Line. UTI MF currently manages four offshore funds.

UTI AMC has been able to grow its total assets under management (AUM) from Rs 15,000 crore to Rs 25,000 crore over the last one year, Mr Sinha said, adding that this would not have been possible "without the faith reposed by the investors". During the next year too, UTI AMC is confident of maintaining a 25 per cent growth in the total assets under management, he said.

A new scheme, which will invest in diversified equities, will be launched during the next month, Mr Sinha said.

Another area of thrust by the AMC is technology upgradation, Mr Sinha said, adding that the technology has been enhanced in a big way by the AMC in the recent past. This has resulted in investor complaints coming down, said Mr Sinha, who took over as UTI AMC's chief last month.

Going forward, UTI MF would be looking at more use of technology such as selling the schemes through ATMs, Web-based services and even setting up a call centre for investor services, Mr Sinha said. "These are plans for the long-term," he added.

By tying up with banks, the customers can redeem or buy the schemes through the ATMs, Mr Sinha explained.

For tapping overseas investors, UTI AMC plans to open offices in Singapore, Oman and Abu Dhabi during 2006, he said.

On the AMC's four sponsors - State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda, Mr Sinha said there was no conflict of interests. He said the UTI AMC was independent in its day-to-day decision making process. "They may own their own mutual funds. But, we are independent," Mr Sinha said.

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