"We are targeting 30% growth in assets under management (AUM) to take it to about Rs 26,000 crore by the end of this fiscal. We have already achieved over 50% of the target amount in the first five months of the current fiscal. AUM has increased to Rs 24,400 crore from Rs 20,743 crore on March 31," D S R Murthy, executive director of UTI Asset Management, said.
Expressing happiness over UTI's distribution tie-ups with post offices and public sector banks to increase its reach to retail investors, Murthy said such alliances also helped banks and post offices increase their bottomlines.
"It straightaway adds to their bottomlines," he said adding, "five years down the line, banks will be the major channels for distributing mutual fund products."
He said UTI was giving major thrust on attracting individual investors, and the gap between UTI and the second largest fund house was increasing."We have about 66 lakh individual investors in our schemes. `The next highest by a mutual fund company is about 10 lakh," he added.
