UTI aims Rs 70,000 cr AUM by fiscal end
UTI Asset Management Company on Wednesday said it is aiming to double its asset under management (AUM) to Rs 70,000 crore by the end of this fiscal.
By PTI |
CHANDIGARH: UTI Asset Management Company on Wednesday said it is aiming to double its asset under management (AUM) to Rs 70,000 crore by the end of this fiscal.
"We are looking at handling a business of Rs 70,000 crore by March 31, 2008," UTI Asset Management Company Country Head Karan Singh told reporters here on Wednesday.
As on October 31, 2007 the company had assets under management worth Rs 51,753 crore, way above Rs 35,000 crore it had handled last fiscal.
In order to further penetrate the market, the company plans to open almost 40 UTI Financial centres this year across the country.
"We have at present 79 outlets and we are keen to enhance its strength to 120 offices by this fiscal end," he said.
The company is also expecting to increase its investor base from 80 lakh at present to over one crore during current fiscal end.
On being asked about launching new funds, Singh said the company was in the process of launching some new equity- linked schemes including a one allowing investments in overseas securities, in the fourth quarter.
The company has also sought SEBI's approval for launching its first 'Realty Fund'. Presently, the company has 34 equity based schemes.
On further being asked about expectations from its newly launched UTI-Infrastructure Advantage Fund Series, Singh said the company was expecting to raise almost Rs 4,000 crore (including Rs 150 crore from north) from 7 lakh applications under this scheme, out pacing the collections made by other funds to be invested in infrastructure firms.
"We are looking at handling a business of Rs 70,000 crore by March 31, 2008," UTI Asset Management Company Country Head Karan Singh told reporters here on Wednesday.
As on October 31, 2007 the company had assets under management worth Rs 51,753 crore, way above Rs 35,000 crore it had handled last fiscal.
In order to further penetrate the market, the company plans to open almost 40 UTI Financial centres this year across the country.
"We have at present 79 outlets and we are keen to enhance its strength to 120 offices by this fiscal end," he said.
The company is also expecting to increase its investor base from 80 lakh at present to over one crore during current fiscal end.
ADVERTISEMENT
On being asked about launching new funds, Singh said the company was in the process of launching some new equity- linked schemes including a one allowing investments in overseas securities, in the fourth quarter.
The company has also sought SEBI's approval for launching its first 'Realty Fund'. Presently, the company has 34 equity based schemes.
On further being asked about expectations from its newly launched UTI-Infrastructure Advantage Fund Series, Singh said the company was expecting to raise almost Rs 4,000 crore (including Rs 150 crore from north) from 7 lakh applications under this scheme, out pacing the collections made by other funds to be invested in infrastructure firms.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
