The Unit Trust of India turnaround story may well be a case study for the Harvard Business School.

The world-renowned institution has shown interest in preparing a full-fledged case study on India's first mutual fund.

M Damodaran, Chairman of the advisory board of UTI (specified undertaking) and CEO of UTI Mutual Fund, told Finance Minister Jaswant Singh about Harvard's interest as he presented the road ahead for the mutual fund to a parliamentary consultative committee on finance.

When contacted, Damodaran said, "Harvard Business School has expressed interest in conducting a case study on UTI."

In his presentation to the committee, Damodaran recounted how the UTI story started with a shock when the mutual fund suspended sales and repurchases of its flagship scheme US-64 on July 2, 2001.

And how, after two years, the institution had turned around with the repeal of the UTI Act and subsequent bifurcation of the mutual fund.

UTI Mutual Fund still manages Rs 45,000 crore (Rs 450 billion) assets, including those of UTI (SU).

The value of assets under management of UTI Mutual Fund alone has increased from Rs 14,476 crore (Rs 144.76 billion) in February 2003 to Rs 16,015 crore (Rs 160.15 billion) in June.

In fact, he made three important points while revealing the future plans of the mutual fund. UTI Mutual Fund was a strong contender for pension fund management as and when the business is thrown open.

Second, he said, the success of the Special Unit Scheme-99 made a good case for entrusting government's residual holding in divested companies with the mutual fund for management.

Third, according to Damodaran, was UTI's positioning as a business process outsourcing company for the government.