UTI Asset Management to open more branches

The UTI Asset Management Company Limited is planning to open three more branches in Andhra Pradesh "� two in Hyderabad and one in Kadapa, taking the total number of branches to six.

At present, the company has three branches "� one each in Hyderabad, Visakhapatnam and Vijayawada.

Addressing a press conference here on Monday, Madhav Kumar, president of UTI Mutual Fund, said that the company, which had so far concentrated on growth and automation, is now focussing on expansion and launching of new products.

"Andhra Pradesh is an important state for our operations. We look forward to the support of the people here for our new products as well," he said while outlining the advantages of the newly launched UTI-Dividend Yield Fund.

According to him, the money raised by the unitholders of the new product will be invested predominantly in equity and equity-related instruments, which offer high dividend yield.