All the net asset value-based schemes of the Unit Trust of India worth Rs 15,000 crore (Rs 150 billion) would come under a new banner -- UTI Mutual Fund -- from February 1 following the government's decision to split the country's largest fund into two.

The 43 NAV-based schemes, which were so far bunched as UTI-II, will be rechristened as UTI Mutual Fund.

The four sponsors -- Life Insurance Corporation, State Bank of India, Punjab National Bank and Bank of Baroda -- has formed a separate company named UTI Asset Management Company and another UTI Trustee Company in line with Sebi (mutual fund) regulations.

UTI chairman M Damodaran told reporters that after the split, UTI-II or UTI Mutual Fund will still continue to be the
largest fund in the country.