UTI MF to set up 8 more FCs by this fiscal-end

Speaking to the media on the sidelines of inaugurating an FC in Hyderabad, D S R Murthy, executive director, UTI Asset Management Company Private Limited, said, "For this year, we have targeted to set up 18 FCs in the country. Around eight are still remaining for the year. In the coming few days, we will be inaugurating two more FCs in Bangalore and Kolkata."

UTI MF has Rs 25,000 crore of assets under management as on August 31, 2005. On the Sensex breaching the 8,000-mark, Murthy said that this reflects a positive sign for the MF industry as it is backed by the good performance of the economy.

Speaking on the industries that are booming in terms of investment potential, Murthy said that the engineering and textile industries are doing well while the IT sector is not doing as well as it was in 2000. "On the basis of the year 2000, the growth in the IT industry is not as good as it was before," he added.

UTI MF will also be soon coming out with a Gold Exchange Traded Fund. "The blueprint is ready and we are awaiting the regulatory approvals," he said, adding that there are three-four other plans in the pipeline. UTI MF is targeting a 30 per cent growth this year.

Regarding the buyout of the government's holding in UTI MF, he said, "All the four sponsors of UTI Mutual Fund "� State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank "� are likely to buyout the government's holding in the asset management company and thus become its co-promoters as none of them would like the other to have a controlling stake in the company."