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| UTI may offlaod 26% stake within 3 months |
| BS Reporter / Kolkata Apr 26, 2009, 02:35 IST |
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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.
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, Sinha added, “The government approval is required for the sale. It has said that the investor could be a domestic or an international firm.”
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