UTI AMC mandated to act as a pension fund

UTI AMC mandated to act as a pension fund
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First Published: Wed, Sep 19 2007. 04 07 PM IST
Updated: Wed, Sep 19 2007. 04 07 PM IST
PTI
New Delhi: UTI was recently mandated to act as a pension fund by the Government along with State Bank of India and LIC.
With the four sponsors controlling 51% equity in the company post-IPO, UTI AMC will remain eligible to be a player in the pension fund management space.
The fund house presently has assets under management (AUM) of around Rs 40,000-crore, which puts it in the third spot in rankings behind Reliance MF and Prudential AMC.
UTI AMC is, however, number one in terms of profitability with its net profit close to Rs 150-crore last fiscal.
The four sponsor companies had paid a sum of Rs 1,236.95-crore to the government at the time of the formation of UTI MF and it is expected that they could unlock huge value through the proposed listing.
UTI AMC is also the owner of the UTI brand.
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First Published: Wed, Sep 19 2007. 04 07 PM IST
More Topics: UTI AMC | SBI | LIC | mutual fund | Money Matters |