UTI Mutual Fund will shortly launch auto sector fund and portfolio management scheme (PMS) even as it forged a tie-up with Corpration Bank to distribute mutual fund schemes through the latter's branch network in the country.

"We have received approval from the Securities and Exchange Board of India to float six thematic funds and PMS," UTI MF chairman and managing director M Damodaran told reporters after signing a MOU with Corporation Bank in Mumbai.

"UTIMF will launch thematic funds one by one based on investors preference. The first one is likely to be auto fund as there is no dedicated fund for this sector," he said.

Asked about introduction of PMS, Damodaran said the scheme meant for high networth individuals (HNIs) will have a separate fund management team, research support and marketing support.

He said the assets under management has grown by over Rs 5,000 crore (Rs 50 billion) to cross Rs 20,000 crore (Rs 200 billion) as on date living up to the "trust and expectations" of the investors.

It was also tying up with Allahabad Bank for looking after the eastern region, Damodaran said.