UTI Mutual Fund has tied-up with Syndicate Bank, mid-sized public sector bank, for the sale and distribution of its mutual fund schemes. Separately, Franklin Templeton Investments India, a global mutual fund, has also entered into a similar agreement with the State-run bank.
The tie-up will enable the fund houses to sell their products through the bank’s 2,713 branches across the country.
“The bank, of late, has taken a lot of initiatives to augment its fee-based income, and distribution of mutual fund products is one such step in that direction,” Syndicate Bank Chairman and Managing Director, M.G. Sanghvi, said.
“The banking channel, especially public sector banks, has a key role in spreading the mutual fund concept across the country, into smaller centres and overseas. This tie-up with an established bank such as Syndicate Bank is an important step in that direction, and will help us in enhancing the accessibility of our products,” said Harshendu Bindal, President, Franklin Templeton India.