M Damodaran is likely to head the new market value-based UTI Mutual Fund, promoted by LIC and three leading banks, after the new fund becomes operational from February 1.
NSE's Ramakrishna and ING Vysya Bank's Bhandari front runners for the post.
UTI Bank has raised Rs 170 crore through issue of preferential equity to Life Insurance Corporation, CDC and three other investors at a price of Rs 42 per share in the last few months, P J Nayak, chairman, UTI Bank, said on Wednesday.
T S Vijayan, whose five-term as the chairman of government-owned Life Insurance Corporation of India (LIC) ended on Tuesday, is likely to shift to UTI Mutual Fund as the new head.
The government will provide Rs 1,200 crore (Rs 12 billion) to UTI-I in the next fiscal to enable closure of three assured return schemes.
UTI Asset Management Company will float an initial public offer by March-end 2008 to help its sponsors State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda -- offload up to 50 per cent stake.
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 Bank, has opened its representative office in Shanghai, China, where it will primarily engage in facilitating and promoting trade-related services between the bank's branches in India and commercial entities in China. \n
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.
Foreign banking major HSBC said on Thursday that it will decide on hiking its 14.6 per cent stake in UTI Bank after the government comes up with a policy on foreign direct investment and voting rights.
UTI Bank and Andhra Bank have entered into an agreement for sharing ATMs in the country.
Warning against conflict of interest of financial institutions, which have been chosen to sponsor UTI-II, the Joint Parliamentary Committee probing the stock scam and UTI muddle, has recommended that sponsors.
The Monopolies and Restrictive Trade Practices Commission has issued notice to Unit Trust of India on a complaint challenging UTI's decision to terminate its Children's Gift Growth Fund Unit Scheme, 1986, with effect from April 1, 2004.
Unit Trust of India and Industrial Finance Corporation of India, which together hold around 23 per cent stake in LIC Housing Finance, are likely to exit from the company even as LICHFL is exploring possibility of a public offer.
Riding high on upswing in the steel sector, Essar Steel has repaid entire Rs 927 crore (Rs 9.27 billion) debt of Unit Trust of India.
UTI Asset Management Company plans to aggressively use social media and wireless technology for mobile phones to reach out to investors, a senior company official said.
The country's leading fund manager UTI Mutual Fund is likely to enter the capital market with its public issue by the end of current fiscal and has already got the approval from its board for the IPO.
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.
UTI Bank, the country's third largest private sector lender, will ramp up its workforce by adding 4,500 people to its present strength this fiscal as part of an aggressive expansion plan for its retail business.
'In phases when smaller stocks do well, an equal-weight index performs better than its market cap-weighted peer.'
UTI Asset Management Company, the country's fourth-largest mutual fund, is reviewing its proposed initial public offering in view of the turbulence in the global financial markets and the meltdown in Indian equities. The management is having a rethink on the IPO because of the bearish sentiment prevailing in the markets and a lack of investor appetite, according to a source familiar with the development.
Finance Minister Jaswant Singh said on Tuesday that the government was committed to appointing a professional to head the UTI-II, which runs all the net asset value based schemes.
