Unit Trust of India

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UTI Mutual Fund
Public company
Industry Mutual fund
FoundedUnit Trust of India Act 1963, UTI Repeal Act 2002.
Headquarters Mumbai, Maharashtra, India
Area served
India, Japan, Singapore, London, Dubai and Bahrain
Key people
Imtaiyazur Rahman Director and Acting Chief Executive Officer
Products Mutual Funds, National Pension System, Private Equity, Private Debt.
ServicesPortfolio Management Services (PMS)
Owner LIC, BoB, PNB, SBI.
Subsidiaries UTI Asset Management Company, UTI International Limited, UTI Ventures, UTI Retirement Solutions, UTI Capital.
Website www.utimf.com

UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a SEBI registered mutual fund from 1 February 2003. The Unit Trust of India Act 1963 was repealed, paving way for the bifurcation of UTI into – Specified Undertaking of Unit Trust of India (SUUTI); and UTI Mutual Fund (UTIMF).

A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. These investors may be retail or institutional in nature.

Contents

UTI Mutual Fund is promoted by the four of the largest Public Sector Financial Institutions as sponsors, viz., State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank with each of them holding an 18.24% stake in the paid up capital of UTI AMC.

State Bank of India Largest bank in India

The State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. It is a government corporation statutory body headquartered in Mumbai, Maharashtra. SBI is ranked as 216th in the Fortune Global 500 list of the world's biggest corporations of 2018. It is the largest bank in India with a 23% market share in assets, besides a share of one-fourth of the total loan and deposits market.

Bank of Baroda (BoB) is an Indian multinational, public sector banking and financial services company. It is owned by Government of India.

Punjab National Bank (PNB) is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, India. The bank was founded in 1894. As of 31 March 2019, the bank has over 110 million customers, 7001 branches and 10681 ATMs across 764 cities.

T Rowe Price Group Inc (TRP Group) through its wholly owned subsidiary T Rowe Price Global Investment Services Ltd. (TRP) has acquired a 26% stake in UTI Asset Management Company Limited (UTI AMC). [1]

UTI Mutual Fund is the oldest and one of the largest mutual funds in India with over 10 million investor accounts under its 230 domestic schemes / plans as on September 30, 2017. [2]

UTI Mutual Fund has a nationwide distribution network, which is spread across the length and breadth of the country. Its distribution network comprises over 48000 AMFI/NISM certified Independent Financial Advisors and 150 Financial Centers.[ citation needed ] [3]

UTI Mutual Fund has been the pioneer for launching various schemes viz. UTI Unit Linked Insurance Plan (ULIP) with life & accident cover (Launched in 1971), UTI Mastershare (Launched in 1986), India's first Offshore Fund – India fund (Launched in 1986), UTI Wealth Builder Fund, the first of its kind in the Indian mutual fund industry combining different asset classes i.e. equity and gold which are lowly correlated.[ citation needed ] [4]

See also

Mutual funds in India UTI launched/participated in equity of 18 Newly launched prominent companies. Such as 1 Axis Bank 2. Stock Holding 3. NSDL 4. CDSL, 5. IL& FS, 6. NSE, 7. UTI Securities, 8. UTI ISL, \ 9.OTCEI, 10.)UTI Infrastructure, 11.UTI International Ltd, 12.Venture Capital TDICI (Jointly with ICICI) and 13. Risk Calpial (jointly with IFCI) 14.

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References

  1. "T Rowe Price stake purchase in UTI AMC is value for money - Livemint". www.livemint.com. Retrieved 24 October 2017.
  2. "UTI Mutual Fund: Mutual Fund NAV, UTI Mutual Fund Schemes – NDTVProfit.com". profit.ndtv.com. Retrieved 24 October 2017.
  3. "Amc Branches | Mutual Funds in India | Investment Plans". www.amfiindia.com. Retrieved 21 August 2018.
  4. "UTI Mutual Fund: Best Schemes with High Returns". www.policybazaar.com. Retrieved 21 August 2018.