Financial Daily from THE HINDU group of publications
Thursday, Mar 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 02, 2006 |
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Markets
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Mutual Funds Money & Banking - Public Sector Banks UTI Mutual to enhance international operations Our Bureau
ONE MORE WINDOW: Mr U.K. Sinha, Chairman & Managing Director, UTI AMC, and Dr A.K. Khandelwal, Chairman & Managing Director, Bank of Baroda, at a press conference in Mumbai on Wednesday to announce their tie-up - Shashi Ashiwal
Mumbai , March 1 UTI Mutual Fund is expanding its international operations and will soon be opening offices in West Asia and Singapore. Mr U.K. Sinha, Chairman and Managing Director, UTI Asset Management Company, said the response to the fund house's offshore India funds has prompted its international foray. "We are likely to get some large investors in our existing offshore funds, as well," he added. Moreover, the international offices of UTI Mutual Fund are also expected to help non-resident Indian investors invest in the domestic funds of the company. The focus of the fund house now will be on enhancing profitability. "We are already the most profitable mutual fund house in the country, but are looking at measures including technological enhancements, to improve our profitability," Mr Sinha said. UTI AMC is also looking at acquiring a local technology company in order to beef up its systems and processes. Mr Sinha spoke at the sidelines of a press conference announcing the tie-up between UTI Mutual Fund and Bank of Baroda for distributing its mutual fund schemes. The international focus of the fund house will also be enhanced by this strategic tie-up with Bank of Baroda as they would also focus on selling mutual fund products to overseas customers, according to Dr A.K. Khandelwal, Chairman and Managing Director, Bank of Baroda. Currently, 100 branches of Bank of Baroda would sell UTI MF's products, Dr. Khandelwal said.
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