The Hindu Business Line : UTI AMC sponsors' meeting today

UTI Asset Management Company will hold a meeting with its four sponsors - Life Insurance Corporation of India (LIC), State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) here on Thursday to chart its roadmap for the coming year.

This will be the first meeting of the UTI AMC with its sponsors after the four PSUs took 25 per cent stake each in the AMC as part of a Government-initiated restructuring exercise.

The four sponsors paid a total of Rs 1,236.95 crore to the Government for the stake, making the UTI AMC at par with other private mutual funds complying with the SEBI regulations.

Officials said the SBI Chairman, Mr A.K. Purwar, the LIC Chairman, Mr A.K. Shukla, the PNB Chairman, Mr S.C. Gupta and the BoB Chairman, Dr Anil K. Khandelwal, will participate in the meeting, which will be chaired by the UTI AMC Chief Executive Officer and Managing Director, Mr U.K. Sinha.

The agenda of the meeting is to work out plans for UTI AMC in the coming year. This includes new products, services to improve investor relations and more investments into technology to retain and gain market share in the highly competitive mutual fund industry.

UTI AMC, with assets under management of over Rs 25,000 crore and 50 schemes, is the largest mutual fund in the country.

Mr Sinha, early this week, told Business Line that UTI AMC planned to launch three debt-oriented and three equity-linked mutual fund schemes in 2006.

UTI AMC was created after splitting the erstwhile UTI by transferring all schemes having guarantees to another entity Specified Undertaking of UTI (SUUTI). The NAV-based (net asset value) schemes were transferred to UTI AMC.

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