Mutual Fund, the third largest fund house in the country,
is planning to tap more lucrative foreign markets. UTI
MF will set up a subsidiary in Singapore and open branches
in Europe and the Gulf region.
fund house, which made a successful foray in Japan, said
it is also open to forging partnerships in Europe and
MF''s tie-up with Japan''s Shinsei Bank had collected $400
million in six months against the target of $100 million,
reports quoting its chairman and managing director U K
MF said it would open its subsidiary in Singapore within
two months for which it has received the necessary approvals.
The mutual fund will also open branches in Dubai, Bahrain
and London shortly.
mutual fund hopes to finalise at least two partnerships
within the next 3-4 months. Details as to whether the
investments should be segment -based or broad-based are
yet to be decided, UTI MF said.
total assets of the mutual fund industry in the country
crossed Rs350,000 crore for the first time even as Reliance
Mutual Fund retained the top slot in terms of assets under
management, according to the latest figures.
per data released by the Association of Mutual Funds in
India (Amfi), total assets of mutual funds grew by 7.44
per cent to Rs3,50,44,143 crore as of end-April, up from
Rs3,26,170.66 crore in end-March.
MF topped the list with assets of Rs48,828.03 crore,
followed by ICICI Prudential (Rs42,267.85 crore), UTI
MF (Rs35,517.00 crore), HDFC MF (Rs31,485.15 crore) and
Franklin Templeton (Rs24,509.99 crore).