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UTI plans to acquire IT firm
March 07, 2006 20:39 IST
UTI Asset Management Company plans to acquire an IT company to provide services as a registrar and transfer agency.
D S R Murthy, executive director, UTI AMC, said the company was analysing various options for it. However, he refused to divulge further details.
R Vijayakumar, regional sales head-South, UTI AMC, said 300 centres where the chief representatives of the company were present, would be IT enabled.
They will henceforth be able to work online apart from the regular trade. This would help the company provide NAVs to the customers on a daily basis.
He said the work would be completed in six months. The 67 branches of the company had already been networked. The executive director was in Chennai to the launch of the 'UTI-Contra Fund', an open-ended equity oriented scheme.
The Contra Fund aims at providing long-term capital appreciation/dividend distribution through investments in listed equities and equity-related instruments.
The new scheme closes on March 22 and will re-open for continuous purchase and redemption from April 20, he said.
The scheme offers systematic investment plan without any entry load. No exit load applies if the investor stays in the fund for more than two years from the date of each installment.
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