With the listing of Reliance gold ETF on the National Stock Exchange (NSE) on Wednesday, four fund houses (Benchmark, UTI Mutual Fund and Kotak Mutual Fund being the other three) currently offer gold ETFs to Indian investors.
The government is not in favour of selling UTI Mutual Fund to a private player and has insisted that one of the existing sponsors buy it by this fiscal.
UTI Mutual Fund plans to foray into the pension sector once the government sets up Pension Fund Regulatory and Development Authority in October this year.
Life Insurance Corporation and UTI Mutual Fund are in the fray for entering the lucrative pension business, which is slated to grow to Rs 50,000 crore (Rs 500 billion) by 2010.
Four regionally strong banks -- Bank of India, Corporation Bank, Allahabad Bank and Oriental Bank of Commerce -- are in the fray to buy out sponsor's stake in UTI Mutual Fund that manages assets worth Rs 20,000 crore
The move follows the near Rs 60 crore (Rs 600 million) redemptions every month from the US-64 and ARS bonds in the last couple of years.
UTI Mutual Fund, said on Thursday that it plans to launch an offshore fund worth $50 million, which would offer both equity and debt schemes.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
But there is a possibility of conflict of interests in the theoretical sense.
Domestic fund houses forge pacts with foreign peers to mop up $7 billion.
UTI Venture Funds, part of India's largest mutual fund, plans to nearly double investments in 2003 to around $20-$25 million, with a special focus on the fast growing back-office services and life sciences sectors.
The government on Thursday appointed PSU mutual funds UTI MF and SBI MF as managers of the corpus lying with postal and rural life insurance entities, a move that could lead to investment of the sum into the booming capital market.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Reliance Mutual Fund topped the AUM chart with its AUM in excess of Rs 660 billion, while ICICI Prudential Mutual Fund came second with an AUM of Rs 487 billion.
Paper gold saves your investments from volatility, and you from hassles that come with the physical form. The chance of good returns gives that extra shine.
Reliance Mutual Fund and UTI Mutual Fund have applied to Sebi to start schemes that will collect money directly from investors and buy units in Gold Exchange Traded Funds. Though at a slightly high cost, these schemes take away the hassle of maintaining demat and trading accounts with brokers. "These two factors were the biggest hindrance for gold ETFs," said Devendra Nevgi, ex-CIO, Quantum Asset Management. Nevgi started the gold ETF at the fund house.
UTI Asset Management Company (UTI AMC), India's oldest mutual fund, is in advanced stages of discussions to divest 26 per cent to a strategic partner.
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
Mutual funds are all set to capture the buoyancy in the energy sector. The latest to join the bandwagon is Sundaram BNP Paribas Mutual Fund, which is coming out with a three-year, closed-ended new fund offering 'The Energy Opportunities Fund'. The fund will invest in equity and equity-related instruments of companies focussed on the energy space or those directly or indirectly benefiting from it.
Country's largest mutual fund UTI AMC on Friday became a private company with the four sponsors paying Rs 1,236.95 crore (Rs 12.369 billion) to the government.
Now that the gold exchange traded funds (GETFs) are being sold in the market, let's look at a few things to understand them better.
UTI's legacy and brand recognition, together with a robust distribution network and access to public sector money, could work in its favour, and help it command a premium
Reliance Mutual Fund has toppled UTI MF to become the country's largest fund house in January with assets under management of more than Rs 39,000 crore (Rs 390 billion).
'From a risk-return perspective, large-cap funds may generate lower-than-historical average returns in 2024, whereas mid-, and small-cap funds hardly have any upside left.'
UTI AMC on Friday dismissed reports that its former chief M Damodaran had awarded 'undue favour' to some executives, saying it has initiated a new performance-based compensation package in line with the recommendations of an HR consultant.
The asset manager is yet to resolve the impasse surrounding the payment of pension to its erstwhile employees who had opted for voluntary retirement in 2003.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
Unit Trust of India said following its bifurcation, two schemes listed on BSE - Mutual Fund (Subsidiary) Unit Scheme and Master Value Unit Plan - have gone to UTI 11.
The restructuring of UTI, which started seven years ago when the country's oldest mutual fund failed to meet redemption obligations, is nearly complete.
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