The Hindu Business Line : UTI's new product to offer wealth management

WOMEN who invest in gold are unnoticed beneficiaries of the firm trend in gold price over the last three years, feels Mr Ashutosh Bishnoi, UTI's Chief Marketing Officer. This low profile category is an example of the kind of investors UTI plans to approach with an offer to manage their money.

UTI Asset Management Company unveiled "Axel," a wealth management product for private clients, earlier in the month. Mr Bishnoi says UTI will try to tap "islands of wealth" as it looks for clients.

The new product comes after some stockbrokers and banks have been in the business for a while. UTI plans to use its unique advantages to grow its business.

For instance, it has a branch network that is spread across the country and a name that is widely recognised. Mr Bishnoi feels these advantages could be used to approach some groups who may have been ignored by the early entrants in the business.

Some of the groups UTI plans to tap are small businessmen and successful professionals like lawyers and auditors who may not have enough time to manage their wealth. Wealthy agriculturists are another group that offer UTI opportunities says Mr Bishnoi.

UTI requires a minimum investment of Rs 25 lakh in its new product. The company offers its clients two options: pay a flat fee or allow the company a share in the profit.