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.
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.
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The government is likely to consider a proposal to privatise UTI Mutual Fund after the completion of the valuation and due diligence process, Union Finance Secretary S Narayan said on Tuesday.
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.
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.
UTI Mutual Fund will hit the capital markets with initial public offering on Tuesday for its sixth thematic funds including auto, banking and public sector undertakings.
UTI Mutual Fund has targeted to raise at least Rs 5,000 crore by distributing its products through bank branches over the next 12 months.
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.
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.
UTI Asset Management Company is planning to come out with an initial public offer by selling 60 per cent of its holding to the public, its chairman M Damodaran said in Kolkata on Monday.
The UTI Liquid Fund has mobilised more than Rs 1,097 crore (Rs 10.97 billion) in just two days of the initial offer period, UTI sources said in Mumbai on Thursday.
Government needs to focus on areas where reforms are much easier
UTI Mutual Fund has declared income distribution @12% (i.e. Rs. 1.20 per unit on face value of Rs. 10) in UTI GSF-Petro Fund.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
UTI Mutual Fund has launched UTI-FAMILY (that allows investors to buy mutual fund units in their name, but the returns go straight to a parent's bank account.
Niti Aayog will prepare the next list of central public sector companies for disinvestment in the next few weeks, its vice chairman Rajiv Kumar said on Thursday and expressed hope that the proposed asset reconstruction and management companies to address banks' bad loan woes will do a good job like the UTI. Days after Finance Minister Nirmala Sitharaman announced the Union Budget for 2021-22 laying out various measures (including disinvestment proposals) to bolster the pandemic-hit economy, Kumar also emphasised that the Modi government has shown consistent commitment for the welfare of farmers and for the improvement of the agriculture sector. "Now the process has begun... We will complete preparation of the next list in the next few weeks, we have got the marching order," Kumar said about the list of public sector companies for the next round of stake sales.
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.
Investors across age groups and risk appetite can invest in these schemes.
DDinesh Kumar Khara is someone who cares for others's ideas and suggestions.
If he takes the people along with him (which he always does); cares for the customers (80 per cent of SBI's new customers are in the 20-40 age group); and doesn't take his eyes off technology, his job is done, says Tamal Bandyopadhyay.
Swati Kulkarni, executive vice-president and fund manager - equities at UTI Mutual Fund tells Puneet Wadhwa that though mid-and small-cap companies are trading at a higher valuation as compared to large-cap peers, one can still find value in select pockets.
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