UTI hopeful of retaining No 1 position
India's oldest mutual fund house UTI Mutual Fund is quiet hopeful of clinching back the number one position in terms of Asset Under Management (AUM) by pumping in fresh funds and rolling out new products.
By PTI |
NEW DELHI: India's oldest mutual fund house UTI Mutual Fund is quiet hopeful of clinching back the number one position in terms of Asset Under Management (AUM) by pumping in fresh funds and rolling out new products.
The Fund house was recently pushed to the second position by Prudential ICICI.
"We will retain top slot in days to come with roll out of new funds, and with the stock market recovery," UTI AMC, Chief Investment Officer A K Sridhar told media.
UTI is still a leader if one considers average AUM. It is just incidental that markets tanked by 14 per cent in the month of May and 52 per cent of our assets are invested in equities. Therefore our AUM took a significant hit, he said.
It is to be noted that Prudential ICICI, having exposure of about 25 per cent in the equities replaced UTI Mutual Fund on the basis of AUM at May end.
Sridhar said, it is not about numbers alone, but the quality of fund management and fair practices which will throw up the true worth of a mutual fund house.
Talking about the equity market, he said, "I am quiet positive about the capital market. Even in very short term it is going to give positive return."
There has been fresh inflow of more than Rs 250 crore coming in our existing equity funds during May. The first week of June also saw an inflow of Rs 27 crore.
Subsequently, during May-June period we have made investment of around Rs 700 crore in the equity market primarily in the sectors like infrastructure, IT, Telcom and banking, he said.
The Fund house was recently pushed to the second position by Prudential ICICI.
"We will retain top slot in days to come with roll out of new funds, and with the stock market recovery," UTI AMC, Chief Investment Officer A K Sridhar told media.
UTI is still a leader if one considers average AUM. It is just incidental that markets tanked by 14 per cent in the month of May and 52 per cent of our assets are invested in equities. Therefore our AUM took a significant hit, he said.
It is to be noted that Prudential ICICI, having exposure of about 25 per cent in the equities replaced UTI Mutual Fund on the basis of AUM at May end.
Sridhar said, it is not about numbers alone, but the quality of fund management and fair practices which will throw up the true worth of a mutual fund house.
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Talking about the equity market, he said, "I am quiet positive about the capital market. Even in very short term it is going to give positive return."
There has been fresh inflow of more than Rs 250 crore coming in our existing equity funds during May. The first week of June also saw an inflow of Rs 27 crore.
Subsequently, during May-June period we have made investment of around Rs 700 crore in the equity market primarily in the sectors like infrastructure, IT, Telcom and banking, he said.
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