The Hindu Business Line : UTI Mutual in tie up with IFFCO for pension fund

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UTI Mutual in tie up with IFFCO for pension fund

Our Bureau

Kolkata , Nov. 5

UTI Mutual Fund is tying up with Indian Farmers Fertiliser Cooperative Ltd (IFFCO) to further its plans on the micro pensions front.

The fund house, currently the No 1 player in terms of asset size, is close to a deal. For starters, the arrangement will cater to farmers in Karnataka and Punjab, Mr U.K. Sinha, CMD of UTI MF, said.

The agreement with Iffco will be in line with similar moves taken up by UTI MF in recent times. These include tie-ups with SEWA, an organisation set up by women in Ahmedabad, and COMPFED, a federation formed by milk producers in Bihar. These are aimed at providing investment opportunities through UTI Retirement Benefit Pension Fund.

UTI MF, the CMD added, is also exploring the possibility of tying up with a mid-size cooperative bank in Maharashtra. Its identity is not being disclosed at the moment.

Shinsei Fund

On the international front, the proposed UTI Shinsei Fund (in association with Shinsei Bank of Japan) is expected to be rolled out in the months ahead, beginning with a road show in Japan. The idea is to generate at least $ 200 million from Japanese investors, it is pointed out.

Further, an offshore fund for infrastructure-related investments is likely to be introduced in partnership with an anchor investor. The latter, it is expected, will be a European bank. It is not being named at this juncture.

UTI MF's portfolio management services (branded Axel), Mr Sinha mentioned, is being received well. An overseas client has recently put in about $ 20 million. The PMS currently handles Rs 200 crore or so.

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