Journalism of Courage
Premium
This is an archive article published on October 20, 2004
UTI MF plans for urban foray
UTI Mutual Fund, the largest fund house in the country, is not fighting shy of private sector competition. It has vowed to take its corpus f...
Written by Jaya Kumar
New Delhi | October 20, 2004 12:00 AM IST
2 min read
2 min read
UTI Mutual Fund, the largest fund house in the country, is not fighting shy of private sector competition. It has vowed to take its corpus from the current level of Rs 20,244 crore to over Rs 40,000 crore within the next 12-18 months, UTI Mutual Fund8217;s chief marketing officer and executive director Ashutosh Bishnoi said.
UTI MF has chalked out a plan to enter into urban areas where private-sector funds have a big presence. It has also set aside about Rs 25 crore funds for the next six months for the promotion of its brand, mainly through telivison.
8216;8216;We have a large distribution network and strong retail base. But, we do not have a significant presence in major cities. The fund industry is growing at 15-20 annually and if UTI MF grabs a major share of this growth, I am confident, we can double our corpus,8217;8217; he said. 8216;8216;We will target an application size of Rs 1 lakh and above,8217;8217; he added.
UTI MF is in talks with 200 small and large distribution houses for tie-ups. It8217;s also talking to private and public sector banks which have a large presence in urban areas for the distribution of its products.
The fund house is expected to strike a deal with the UCO Bank and Andhra Bank for distribution arrangements. UTI MF currently has tie-ups with the Bank of India, Allahadbad Bank and Union Bank of India.
Advertisement
Live Blog
PHOTOS
Top Stories
Advertisement
Must Read
Advertisement
Buzzing Now
- 01
- 02
- 03
- 04
- 05
Advertisement