UTI MF’s investor accounts rise to 1 crore

UTI Mutual Fund today said its investor accounts increased by one lakh to 1 crore as of September-end,with increasing interest in SIPs.

The accounts have risen from 99.71 lakh in September 30,2010 to 1 crore in September 30,2011,UTI MF Group President and Chief Marketing Officer Jaideep Bhattacharya said.

He said investors are now preferring to invest in equity through systematic investment plans (SIPs). Besides,rising interest rates are making debt schemes attractive.

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“The inflows into MFs will increase in the next 3-4 months,as we target more retail customers,” he said.

UTI MF currently has 87 products in its portfolio,which is a mix of equity,debt and hybrid schemes.

“We are not planning to come out with any new product now. The existing products are performing well,” he said.

The average assets under management (AUM) of the UTI MF declined by 9.4 per cent to Rs 62,579.86 crore in the quarter ending September from the previous quarter. He said the decline in AUM was mainly on account of hefty withdrawal by banks and financial institutions.

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