UTI AMC stakeholders continue to be at odds despite govt intervention

LIC writes to Dipam saying IPO could be delayed, as T Rowe not cooperating; US-based fund house says it is supportive of IPO

Despite Central Government intervention, UTI Asset Management Company’s principal sponsors continue to be at loggerheads.

According to sources, the Life Insurance Corporation (LIC) has written to finance ministry’s divestment wing Department of Investment and Public Asset Management (Dipam), stating that the fund house’s initial public offering (IPO) is not likely in the near term.

It has alleged UTI AMC’s foreign sponsor, T Rowe Price, is not cooperating with the board decision on initiating the process to appoint new managing director and chief executive officer (MD and CEO).

“The foreign fund house is not vetting board proposal to start the selection