UTI Mutual Fund to extend marketing base

UTI Mutual Fund, the largest mutual fund in the country with assets worth over Rs 27,500 crore under its management, is looking at extending its marketing base in the country.

The asset management company is planning to create 200 official collecting points in those places where it does not have branches.

According to Rajesh Bhojani, president (sales), UTI Asset Management Company Private Limited, the company has already created 75 such points and will be closing in on another 125 by March 2007.

"We have around 350 chief representatives in the country. They do not function as our official collecting points. We are, however, now giving them connectivity and time stamp machines so that they can collect applications from prospective customers. This is essentially to ensure that we can quickly and easily tap the customer base in those places where we do not have our branches. It will also ensure faster turnaround time," Bhojani added.

Bhojani was speaking on the sidelines of a press conference organised in connection with its new scheme, UTI-Contra Fund.

"Today less than one per cent of Indians invest in mutual funds. We have not even scratched the surface as yet and there is under-investment happening at present," he added while launching the scheme in Hyderabad.

UTI-Contra Fund is an open-ended equity oriented scheme that closes on March 22, 2006. The scheme will reopen for continuous purchase and redemption from April 20, 2006.