In 2003, the Unit Trust of India was bifurcated into two components- the SUUTI and the UTI Mutual Funds or UTIMF. The UTI Mutual Fund was registered with the SEBI on the First of February 2003.
4 of the largest PSU banks now back this Mutual Fund.
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All UTI Mutual Funds are managed by the UTI Asset Management Company Ltd. The 4 big partners- State Bank of India, the PNB or Punjab National Bank, Bank of Baroda, and the Life Insurance Corporation of India each holds 18.24% of the shares in the UTIMF.
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A significant share of 26% is held by the T Rowe Price Group Inc, also known as the TRP Grou, and controlled by its subsidiary – T Rowe Price Global Investment Services Ltd.
The UTI Mutual Fund is precedes most renowned Mutual Funds in India. Its investors number nearly 11 million and there are over 250 plans currently operational with a total AuM of nearly Rs 238790 Crores.
What makes these offers attractive is their distribution. There is no other provider of Mutual Funds in India with a larger outreach of services. Even the best UTI Mutual Funds reach out to most of rural and semi-urban regions of India.
There are over 50,000 AMFI and NSFM certified Independent Advisors on Finance who are spread all over the country who work on behalf of UTI Mutual Funds. There are over 200 full-time Financial Service Centres too. UTI Mutual Fund is the eighth largest mutual fund house by asset size in India.
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One of the most popular and long-running Mutual Fund schemes is the UTI Mastershare, which was launched by the then-extant UTI in 1986.
The UTI Mutual Fund persists as a pioneer in the industry in the domestic sector. It was the first to offer a Unit Linked Insurance Plan or ULIP in 1971 with added life and accident cover. It also reached another milestone in 1986 with what was India’s first Offshore fund, called simply the ‘India Fund.’
One of the feats achieved by the UTI Asset Management company was to create the UTI Wealth Builder Fund which links two separate but closely related asset classes- Gold and Equity. Thanks to the huge number of subscribers, the UTI Mutual Fund is still going strong in the Indian market.
The fund managers at UTI Asset Management, which manages the Mutual Funds, have divested widely and are involved in a wide array of businesses, including retirement solutions, portfolio management solutions, International Banking and alternative assets management.
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