UTI Mutual Fund is
managed by UTI Asset Management Company Private Limited (Estb: Jan 14,
2003) who has been appointed by the UTI Trustee Company Private Limited
for managing the schemes of UTI Mutual Fund and the schemes transferred
/ migrated from UTI Mutual Fund.
The UTI Asset Management Company has its registered office at : UTI
Tower, Gn Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400
051 will provide professionally managed back office support for all
business services of UTI Mutual Fund (excluding fund management) in
accordance with the provisions of the Investment Management Agreement,
the Trust Deed, the SEBI (Mutual Funds) Regulations and the objectives
of the schemes. State-of-the-art systems and communications are in
place to ensure a seamless flow across the various activities
undertaken by UTI AMC.
UTI AMC is a registered portfolio manager under the SEBI (Portfolio
Managers) Regulations, 1993 on February 3 2004, for undertaking
portfolio management services and also acts as the manager and marketer
to offshore funds through its 100 % subsidiary, UTI International
Limited, registered in Guernsey, Channel Islands.
UTI
Mutual Fund has come into existence with effect from 1st February 2003.
UTI Asset Management Company presently manages a corpus of over
Rs.20000 Crore.
UTI
Mutual Fund has a track record of managing a variety of schemes
catering to the needs of every class of citizenry. It has a nationwide
network consisting 56 UTI Financial Centres (UFCs) and representative
offices in Dubai and London. With a view to reach to common investors
at district level, 11 satellite offices have also been opened in select
towns and districts. It has a well-qualified, professional fund
management team, who have been highly empowered to manage funds with
greater efficiency and accountability in the sole interest of unit
holders. The fund managers are also ably supported with a strong
in-house equity research department. To ensure better management of
funds, a risk management department is also in operation.
It has reset and upgraded transparency standards for the mutual funds
industry. All the branches, UFCs and registrar offices are connected on
a robust IT network to ensure cost-effective quick and efficient
service. All these have evolved UTI Mutual Fund to position as a
dynamic, responsive, restructured, efficient, and transparent and SEBI
compliant entity.
Sponsers
Three leading public sector banks – Bank of Baroda (BOB), Punjab
National Bank (PNB) and State Bank of India (SBI) and Life Insurance
Corporation of India (LIC), the largest public financial investment
institution and life insurer in India have entered into an agreement
with the Government of India as Sponsors of the UTI Mutual Fund.
Bank of Baroda
Bank of Baroda was established in July 1908 by Maharaja - Sir Sayajirao
Gaikwad III. During the period since inception, it has always
maintained its practice of sound value based banking to emerge as one
of the premier public sector Banks of the country today. It has a track
record of uninterrupted profits since inception in 1908. The financial
strength of the Bank and its long tradition of efficient customer
service are drawn substantially from the extensive reach of its 2,715
strong branch network (as of 31.03.2003) covering almost every State
and Union Territory in the Country. The Bank is also one of the few
Indian Banks with a formidable presence overseas with 38 branches.
Thus, the total branch network is 2,753 as at 31.03.2003.
Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) is amongst the largest
insurance companies in the world, serving over 10 crore policy holders
and managing a Fund of over Rs.-186000 crores.
Punjab National Bank
PNB is a statutory body performing banking activities in terms of
Banking Companies (Acquisition and Transfer of undertaking) Act 1970
under which the Undertaking of the Bank was taken over by the Central
Government. The main object of the bank under the said Act is as
below:-
An act to provide for the acquisition and transfer of the undertaking
of certain banking companies, having regard to their size, resources
coverage and organisation, in order to further to control the heights
of the economy, to meet progressively and serve better, the needs of
the development of the economy and to promote the welfare of the
people, in conformity with the policy of the State towards securing the
principles laid down in clause (b) and (c) of Article 39 of the
Constitution of India and for matter connected therewith or incidental
therein.
Punjab National Bank has 4037 branches and 4 subsidiaries. The bank has
a deposit size of Rs.75813.49 crores as on 31.03.2003.
State Bank of India
The State Bank of India is the largest public sector bank in India with
9033 branches in India and 48 offices in 28 countries worldwide. In
addition to this, SBI also has 17 subsidiaries.
The
sponsors are not responsible nor liable for any loss resulting from the
operation of all the schemes of UTI Mutual Fund beyond the contribution
of an amount of Rs.10,000/- made by them towards setting up of the UTI
Mutual Fund.
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