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Global asset manager T Rowe Price, which manages over $1 trillion globally, has failed to replicate its success in India. Despite the exponential growth in the domestic asset management sector.
Data sourced from its annual reports show the carrying value of its investment in UTI Asset Management Company (AMC) has appreciated at a measly one per cent, compounded annually, since January 20, 2010, when it bought a 26 per cent strategic stake in the domestic asset manager.
When it did so for $142 million, UTI AMC was the fourth largest mutual fund house in the country in terms of assets
