The Hindu Business Line : UTI MF streamlines investor servicing

UTI Mutual Fund is streamlining its investor servicing systems by bringing down the number of registrars and mandating group company UTI Technology Services with greater responsibility. It has eased out Datamatics Financial Software & Services Ltd, which handles funds such as UTI Master Plus and UTI Equity Fund.

The fund house, which uses the services of as many as four registrars, will now be left with Karvy Computershare and Computer Age Management Systems (CAMS) as well as UTI-TSL. This, it says, is part of its strategy to cater to investors in a more focused manner.

Investor Bases

"We intend to make our investor servicing processes more up to date. Datamatics has been informed of our decision," said Mr U.K. Sinha, CMD. The funds handled by Datamatics have fairly large investor bases. As on July 31, UTI Equity Fund had 9.62 lakh unit holding accounts, while UTI Master Plus had 4.43 lakh accounts.

UTI-TSL currently has a major responsibility in terms of servicing more than 20 UTI MF's products. These include some of the older funds such as ULIP (with 6.19 lakh accounts, according to the last fact-sheet published by the fund house), Master Share (5.24 lakh) and Master Growth (1.97 lakh). Some of the relatively new schemes — Contra and Infrastructure — are with it as well.

Karvy and CAMS each services a handful of schemes. The former caters to funds such as UTI Growth & Value and India Advantage Equity, both of which migrated into the UTI MF fold when the erstwhile IL&FS MF was taken over. CAMS is responsible for the likes of UTI Leadership Equity & Retirement Benefit Pension Fund.

Mr Sinha, who felt that there is always scope for improving investor servicing in line with the latest requirements of unit holders, said the MF plans to explore possibilities in this area. It may be pointed out that UTI Children's Career Plan actually has two registrars. While CAMS is responsible for the balanced part (with 9.75 lakh unit holding accounts), UTI-TSL handles the bond part (with about 12,500 accounts), the August fact sheet mentioned.

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