Business Daily from THE HINDU group of publications
Friday, Feb 09, 2007
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Business Daily from THE HINDU group of publications Friday, Feb 09, 2007 ePaper |
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Markets
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Mutual Funds Money & Banking - Pension Plans Industry & Economy - Gender Namrata Gada
As on January 31, UTI Mutual fund has assets under management of Rs 37,535.08 cr.
MR U.K. SINHA, Managing Director & CEO, UTI Mutual Fund
The fund house has tied up with a NGO, Self-Help Promotion For Health and Rural Development (SHEPHERD), to provide the pension initiative to around 5,000 women. The Union Finance Minister, Mr P. Chidambaram, will inaugurate the scheme in Tiruchirapalli on Friday, said the Chairman and Managing Director of UTI Asset Management, Mr U.K. Sinha. The fund house has earlier tied up with various groups to provide micro-pension scheme. Mr Sinha said this will help to generate long-term money and will enable the fund house to tap a large number of people, and regain the top slot in terms of assets under management. The fund house lost out to Reliance mutual fund in January. As on January 31, UTI Mutual fund has assets under management of Rs 37,535.08 crore.
Other tie-ups
UTI mutual fund through this initiative has earlier tied up with Self-Employed Women's Association (SEWA), members of the Paradeep port, Dock Mazdoor Union, self-help groups of Bank of India, members of Bihar State Co-operative Milk Producers' Federation and Union Bank of India's staff and customers. Mr Sinha told Business Line that the fund house has appointed Boston Consulting Group to work out a business transformation plan and organisational structure. The focus will be to improve the performance of the fund house and increase sales mobilisation. As per the business plan, the fund house will increase its number of branches to around 150 from 70 and also increase its number of advisors. The fund house has already carried out pilot experiments in the same regard, added Mr Sinha.
Aiming high
These combined initiatives will help it to dominate its position in the mutual fund industry, he said. Referring to the offshore funds, Mr Sinha said that UTI MF has received an excellent response for its offshore funds. The fund house plans to tie up with institutions in European and Asian markets to get increased offshore funds. Currently, the total offshore fund portfolio for the fund house has crossed $300 million. UTI MF has also tied up with State Street Global Advisors to invest overseas. However, they will not set up a fund immediately as the Indian markets are performing well and the investors currently are not motivated to invest overseas. The fund house might consider investing through the feeder fund route for overseas investment, through an existing fund of SSGA.
More Stories on : Mutual Funds | Pension Plans | Gender | Rural Development | Social Security
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