UTI AMC to double assets by year-end

UTI Asset Management Company on Wednesday said it was aiming to double its assets under management (AUM) to Rs 70,000 crore by the end of this financial year.

"We are looking at handling a business of Rs 70,000 crore by March 31, 2008," UTI Asset Management Company Country Head Karan Singh told reporters here on Wednesday.

As on October 31, the company had an AUM worth Rs 51,753 crore, way above Rs 35,000 crore it had handled last year. In order to further penetrate the market, the company plans to open almost 40 UTI financial centres across the country this year.

"We have at present 79 outlets and we are keen to enhance its strength to 120 offices by this financial year-end," he said.

The company also expects to increase its investor base from 80 lakh at present to over 1 crore during the current financial year-end. On the launch new funds, Singh said the company was in the process of launching some new equity-linked schemes, including allowing investments in overseas securities, in the fourth quarter.

The company has also sought Sebi's approval for launching its first realty fund. Currently, the company has 34 equity-based schemes.

On expectations from its newly launched UTI-Infrastructure Advantage Fund Series, Singh said the company was expecting to raise almost Rs 4,000 crore (including Rs 150 crore from the North) from 7 lakh applications under this scheme, outpacing the collections made by other funds to be invested in infrastructure firms.