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:   
|
|

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

Advertisements

Quick Links

 

Market News

Maruti Suzuki India, Axis Bank joins Rs 1-lakh-cr market-cap club

Axis Bank hits a record high of Rs 440, while Maruti Suzuki touched a new high of Rs 3,349 in intra-day deals on BSE.

Marksans Pharma surges on strong Q2 results

The stock rallied 6% to Rs 64 on NSE after reporting 56% yoy growth in net profit at Rs 31 crore in September quarter.

Markets continue winning streak; Sensex up 400 points

The 30-share Sensex is up 412 points at 27,758 and the 50-share Nifty has gained 119 points to trade at 8,288.

Copper down 0.2% on weak global cues

Metal for delivery in November shed 0.14%

Silver down 0.6% on weak global trend

Weak trend trend overseas, eroding demand for the precious metals, pulled down silver prices

Back to Top