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|Founded||Unit Trust of India Act 1963, UTI Repeal Act 2002.|
|Headquarters||Mumbai, Maharashtra, India|
|India, Japan, Singapore, London, Dubai and Bahrain|
|Imtaiyazur Rahman Director and Acting Chief Executive Officer|
|Products||Mutual Funds, National Pension System, Private Equity, Private Debt.|
|Services||Portfolio Management Services (PMS)|
|Owner||LIC, BoB, PNB, SBI.|
|Subsidiaries||UTI Asset Management Company, UTI International Limited, UTI Ventures, UTI Retirement Solutions, UTI Capital.|
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 The Unit Trust of India Act 1963 was repealed, paving way for the bifurcation of UTI into – Specified Undertaking of Unit Trust of India (SUUTI); and UTI Mutual Fund (UTIMF).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.
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.
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).
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.
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 ]
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 ]
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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A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, and also properties, mortgages and cash equivalents. Those investing in the trust own "units" whose price is called the "net asset value" (NAV). The number of these units is not fixed and when more is invested in a unit trust, more units are created.
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The first introduction of a mutual fund in India occurred in 1963, when the Government of India launched Unit Trust of India (UTI). UTI enjoyed a monopoly in the Indian mutual fund market until 1987, when a host of other government-controlled Indian financial companies established their own funds, including State Bank of India, Canara Bank and by Punjab National Bank.
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