UTIAMC MD (rpt) MD mulls new shareholding structure in 18 mths

The new Managing Director (rpt) Managing Director of UTI Asset Management Company says he would like to see new shareholding getting evolved in the next 12 to 18 months' time.
"It is a matter between shareholders and government. But, I would like to see new shareholding in 12 to 18 months time," UTI AMC MD (rpt) MD Leo Puri said here today on the sidelines of launch of close ended UTI focused equity fund series I.
Speaking at the roadshow of product launch by UTI since December 2008, Puri said market regulator SEBI had reiterated in February this year for a new shareholding structure so that there is no conflict of interest for the PSU shareholders.

UTI AMC's four public sector shareholders - SBI, Punjab National Bank, Bank of Baroda and Life Insurance Corporation (LIC) holding 18.5 per cent each while, T Rowe Price owning 26 per cent stake in the company.
The four PSU shareholders or sponsors have mutual fund operations of their own which leads to conflict of interest in the eyes of the market watchdog.
Puri said the company do not have any particular view on the proposed new shareholding pattern which may emerge by way of IPO or any other process.

However, as LIC is a much sought after investor in any company, Puri said he would like to have the PSU insurance major as an investor without any conflict of interest.

Meanwhile, UTI's focused equity fund is a 1100 days close ended fund without any extension and would focus up to 30 securities to maximise return to investors.
The AMC will also open 100 new service centers from 150 now in near future, head marketing Gaurav Suri said.