UTI MF ties-up with South Indian Bank

KOCHI: Country's largest mutual fund, UTI Mutual Fund said on Thursday that it has signed a strategic tie-up with Kerala-based South Indian Bank Limited for distribution of its MF schemes.

UTI AMC Regional Sales Head-South R Vijayakumar said under the agreement South Indian Bank will offer the entire bouquet of UTI Mutual Fund's schemes across the bank's selected branches.

"With an intention of reaching out to more retail investors, we are today signing an agreement with South Indian Bank for distribution of our schemes. South Indian Bank has got a dominant presence in Kerala, which also happens to be an important retail market for UTI MF," Vijayakumar said.

UTI Mutual Fund has assets under management of Rs 37789.97 crore and investor accounts of over 7.80 million under its 61 domestic schemes, he said.

UTI Mutual Fund also reaches out to its investors through tie-ups with several banks and Department of Post.

South India Bank General Manager Alex Mathew said with this agreement, the bank has taken another major step to meet the diverse financial needs of its customers, all under one roof.

The bank has identified its 200 branches across the country for distribution of UTI MF products, he said.

Alex said South Indian Bank was the first Kerala-based bank in the private sector to become a scheduled bank and was also the first Kerala-based bank to go on-line through a centralised Core Banking Solution.