It was on July 4 that the fund house crossed the mark of Rs 1 trillion in terms of asset under management (AUM), which currently stands at Rs 1,03,800 crore.
It will depend on retail investors to achieve the new target. Currently, the UTI MF is ranked as the fifth largest player in the mutual fund space in the country in terms of average AUM.
"We have already crossed the Rs 1 trillion mark of average AUM as on July 4 and now we are all set to cross the mark of Rs 1.1 trillion by March-end," UTI Asset Management Company Managing Director Leo Puri told PTI today.
Puri was speaking on the sidelines of the closing bell ringing ceremony for the UTI MF's recently launched equity exchange traded fund (ETF), Sensex ETF, which was held at the Bombay Stock Exchange (BSE) this evening.
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The fund house has already merged 14 of its products within the last three years and is planning to merge one more such fund during the current fiscal.
"We have already applied before Sebi for merger of one of our energy funds with the infrastructure fund and we are waiting for its approval," he said.
Even as the UTI MF is very much working on its plan to come up with an Initial public offering (IPO), it is still waiting for a nod from the government for the same.
"We will see the company's IPO happening in a matter of time as we are already in talks with the governemnt on the issue and waiting for its nod," he said.
Talking about the two equity ETFs, the new fund offer (NFO) for which had been launched on August 24 and closed on August 26, the UTI MF group President (Sales and Marketing) Suraj Kaeley said, "We have already collected Rs 16.5 crore from Nifty ETF and Rs 12.5 crore from Sensex ETF during the very NFO period itself and we have opened 4,500 folios under both the products so far."