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UTI MF plans to expand in Orissa

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Our Correspondent Bhubaneswar
Last Updated : Feb 06 2013 | 8:20 AM IST
The company intends to double its branch network by opening 50 new branches as against the existing 56 branches at present.
 
This is in line with the business expansion plan which aims to increase UTI's asset base to Rs 40,000 crore from Rs 20,780 crore at present.
 
Out of the new branches to be opened, most will come up in the south while 12 will be set up in the East including in cities like Rourkela and Ranchi, said Debashis Mohanty, spokesperson of the company.
 
Though most of these new branches will be located in cities, the company intends to penetrate into the rural areas deeper by appointing chief representatives and chief agents in all the un-represented districts in the country, he added.
 
Meanwhile, the company has redesigned its branch offices as UTI Financial Centres (UFCs). In addition to normal business, the UFCs will focus on marketing and advisory services, said Ranjan Mazumdar, the branch manager of UTI MF, Bhubaneswar.
 
On the product front, UTI MF has lined up two products for launch shortly. It currently has 56 products in the market.
 
The new products include "Opportunity Fund", which will invest in limited sectors and UTI SSGA Global Titan that will raise money in India for investment abroad, Sanjay Sinha, fund manager UTI-MF.
 
The company is now in the midst of launching it IPO, UTI-Dividend Yield Fund, which opened for subscription on April 11 and will close on May 3.
 
The response to the IPO is good and the company aims to mop up Rs 1,000 crore through this fund, Sinha said.
 
The Dividend Yield Fund, an open-ended equity scheme will invest 65 per cent of the funds in select equities, especially those offering high yielding dividend and 35 per cent in potentially high dividend yielding stocks.
 
Selection of stocks will be benchmarked against companies whose dividend yield is more than the Nifty dividend yield of two per cent, Sinha said.
 
The fund is a win-win for investors as they stand to gain irrespective of market fluctuations.
 
The units will be available at Rs 10 during IPO and the minimum investment is Rs 5,000.
 
Meanwhile, UTI International Ltd, its offshore wing with offices in London and Dubai will open five new offices abroad.
 
The MF also plans to strengthen its distribution network in the country.
 
Besides, regular increase in the number of chief representatives from 350 at present, it plans to add 10,000 AMFI certified agents to the existing army of 19,000, Mohanty said.

 
 

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First Published: Apr 22 2005 | 12:00 AM IST

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