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July 14, 2001
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Money > Reuters > Report July 14, 2001 |
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More time needed to devise relief plan: UTIThe Unit Trust of India, the nation's largest mutual fund manager, said late Saturday that more time was needed to devise a plan to ease the impact on small investors of its decision to suspend redemptions from its biggest fund. UTI earlier this month suspended for the remainder of the year redemptions from its US-64 fund, which accounts for a fifth of its Rs 575 billion in assets. "The Board of Trustees of Unit Trust of India met on Saturday to deliberate on the package being worked out to address the liquidity needs of the small investors of US-64," the state-run asset management company said in a curt, four-line press release. "The board needed more information with a view to refining the package. The board will meet soon to continue the deliberations." Some 20 million investors own units in US-64, which experienced an upsurge in redemptions over the past three months due to concern its dividend would be cut and its redemption price slashed. ALSO READ:
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