Business Daily from THE HINDU group of publications
Saturday, Dec 09, 2006
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Business Daily from THE HINDU group of publications Saturday, Dec 09, 2006 ePaper |
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Markets
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Mutual Funds Nilanjan Dey
More rollouts UTI MF expects to roll out a few products, including a capital protected fund, for which SEBI approval has been sought.
Kolkata , Dec. 8 UTI Mutual Fund is actively scouting for tie-ups with institutional investors that operate internationally as part of a plan to increase its global business to $1 billion by end 2007. The MF, which recently tied up with Japan's Shinsei Bank to set up a fund, now hopes to clinch a deal with a bank that has its footprints across continental Europe, Mr U.K. Sinha, CMD, said. The fund house, which expects the new UTI Shinsei Fund to shore up its international operations to about $700 million, intends to enter into a similar arrangement with the bank. The latter's UK office takes key decisions in this regard. UTI MF, which would not name the European bank at this stage, plans to scale up its involvement with overseas players. It has, in recent times, talked to a few foreign outfits, including those engaged in securities broking, for similar deals. "Our international business was till recently small in scale, with $50 million or so. While its scope has become bigger, this is really the time to establish close links with large international names. We hope to associate with a few such institutions," Mr Sinha said. A number of large European organisations are already present in the Indian asset management space. Most of these are by way of joint ventures with local partners. These include ING (in ING Vysya MF), Deutsche (now DWS Deutsche) and Societe Generale (in association with SBI MF). Nearer home, UTI MF expects to roll out a few products, including a capital protected fund, for which SEBI approval has been sought. It also hopes to launch a Gold exchange traded fund before March 2007. The operational details are being worked out.
Room for India
UTI-Global Navigator Fund, designed as a close-end fund that will invest chiefly in the constituents of the MSCI All Country World Index (MSCI ACWI), may have some room for Indian companies, thanks to the buoyant trend evident in the country's stock market. "We will be free to invest up to 35 per cent of the assets in stocks of emerging economies. So India too can figure in this group", Mr Sinha said, adding that the fund will allow exposure to some of the names that are best-known internationally. UTI-Global Navigator will be positioned as a five-year product, to be converted into an open-end fund on maturity. Investment advisor for the fund will be State Street Global Advisors Asia Ltd. The MSCI ACWI is a free float-adjusted market capitalization index. As of June 2006, it comprised 48 developed and emerging country indices.
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