Business Standard

UTI may offlaod 26% stake within 3 months

Related News

major Asset Management Company (UTI AMC) is likely to offload 26 per cent stake to a strategic investor within the next three months.

The company had short-listed three firms for selling the stake, said UK Sinha, chairman and managing director, UTI AMC, on the sidelines of a function to announce the fund’s tie-up with Coopers Wealth Creators and Tower Infotech, for selling a micro pension scheme under the UTI-Retirement Benefit Pension Fund.

The strategic partner will help UTI AMC strengthen presence in the offshore fund management space. “It would also provide technical support for the domestic operations of the company”, said Sinha.

“Our offshore funds are rated five-star by Morningstar, but as UTI is a domestic name, we have a small presence internationally. Whereas, other funds, which are rated two or three-star, have a much larger presence than us. The strategic partner will help us in international operations. In the domestic operations also, the partner will help us provide technical support,” he added.

On being asked if UTI AMC has got the government approval for selling the stake, added, “The government approval is required for the sale. It has said that the investor could be a domestic or an international firm.”

Read more on:   
|
|

UTI may offlaod 26% stake within 3 months

Mutual fund major UTI Asset Management Company (UTI AMC) is likely to offload 26 per cent stake to a strategic investor within the next three months.

major Asset Management Company (UTI AMC) is likely to offload 26 per cent stake to a strategic investor within the next three months.

The company had short-listed three firms for selling the stake, said UK Sinha, chairman and managing director, UTI AMC, on the sidelines of a function to announce the fund’s tie-up with Coopers Wealth Creators and Tower Infotech, for selling a micro pension scheme under the UTI-Retirement Benefit Pension Fund.

The strategic partner will help UTI AMC strengthen presence in the offshore fund management space. “It would also provide technical support for the domestic operations of the company”, said Sinha.

“Our offshore funds are rated five-star by Morningstar, but as UTI is a domestic name, we have a small presence internationally. Whereas, other funds, which are rated two or three-star, have a much larger presence than us. The strategic partner will help us in international operations. In the domestic operations also, the partner will help us provide technical support,” he added.

On being asked if UTI AMC has got the government approval for selling the stake, added, “The government approval is required for the sale. It has said that the investor could be a domestic or an international firm.”

image

Read More

Gilt assets jump 10 times in first 3 quarters of FY13

Government securities among the top 3 investment avenues for debt fund managers

Recommended for you

Advertisements

Quick Links

Market News

Sensex rises over 200 points, Nifty aims 8,500; HDFC up 2%

At 12:15, the 30-share Sensex was higher by 215 points at 28,024 and the Nifty gained 57 points at 8,478

Can Sharekhan's acquisition by Warburg, General Atlantic revive India's broking industry?

The deal suggests foreign investors' confidence in the buoyancy of Indian markets

Aluminium futures rise on spot demand

Increased domestic demand from consuming industries at domestic spot market helped aluminium futures to trade higher

Copper rises by 0.1% on global cues

Speculators enlarged positions after the base metal rose in overseas markets on declining stockpiles

Infinite Computer tanks 20% on weak FY16 guidance

The company said that net profit for the financial year 2015-16 is expected to be flat.

 

Back to Top