UTI Mutual Fund, country's oldest asset management company, is aiming to reclaim its leadership position in the next three to five years, Managing Director Leo Puri said here today.
"What we are doing is putting in place strategies that will allow us to reestablish our leadership in the sector. We certainly want to see us in three years as top three players not only in terms of size, but in terms of profitability, trust and respect from the investors," Puri told reporters on the sidelines of an event commemorating 50 years of UTI, in collaboration with NSE here.
"Hopefully, in five years, we want to regain leadership in the sector," he added.
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Puri took charge as MD of UTI MF in July 2013, after the organisation was headless for two years. UTI was the sole fund house for nearly three decades till 1993, when private players were allowed.
It has seen its market share dip in the face of competition, unlike its state-run peer in the life insurance space LIC, which has held on to its leadership position.
Puri emphasised importance of geographical expansion. "We have recently opened 101 branches in B-15 cities...We can grow if we expand our geographical reach. We can grow from middle and bottom of the pyramid and we have made a strong statement by opening these 101 branches," Puri said.
On growth expectations, he said the company hopes to grow at 12-15 per cent over the last financial year, which is higher than the industry average of around 10 per cent.
"We would ideally aim for a 12-15 per cent growth...As the industry is growing at 10 per cent, we would like to grow more than the industry. I would see 2-5 per cent higher growth than the industry," Puri said adding that the fund house sees modest improvement in its average assets under management (AUM) by March-end.
