January 14, 2003 is when UTI Mutual Fund started to pave its path following the vision of UTI Asset Management Co. Ltd. (UTIAMC), which was appointed by UTI Trustee Co, Pvt. Ltd. for managing the schemes of UTI Mutual Fund and the schemes transferred/migrated from the erstwhile Unit Trust of India.
Since February 3, 2004, UTIAMC is also a registered portfolio manager under the SEBI (Portfolio Managers) Regulations, 1993 for undertaking portfolio management services. UTIAMC also acts as the manager and marketer to offshore funds through its 100 % subsidiary, UTI International Limited, registered in Guernsey, Channel Islands.
UTIAMC presently manages a corpus of over Rs. 67,61,772.28 lakhs as on 30th September 2010 (source: www.amfiindia.com). UTI Mutual Fund has a track record of managing a variety of schemes catering to the needs of every class of citizens. It has a nationwide network consisting 146 UTI Financial Centres (UFCs) and UTI International offices in London, Dubai and Bahrain.
UTIAMC has a well-qualified, professional fund management team, which has been fully empowered to manage funds with greater efficiency and accountability in the sole interest of the unit holders. The fund managers are ably supported by a strong in-house securities research department. To ensure investors’ interests, a risk management department is also in operation.
UTI Asset Management Co. Ltd. (UTIAMC) is a company incorporated under The Companies Act, 1956.
UTIAMC was appointed as the Asset Management Company of the UTI Mutual Fund in terms of the Investment Management Agreement executed between UTI Trustee Co. Ltd. and UTIAMC on December 9, 2002. UTIAMC was registered by SEBI to act as the asset management company for UTI Mutual Fund vides its letter of January 14, 2003.
The paid up capital of UTIAMC has been subscribed equally by four sponsors: State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank. UTIAMC, apart from managing the schemes of UTI Mutual Fund, also manages the schemes transferred/migrated from the erstwhile Unit Trust of India, in accordance with the provisions of the Investment Management Agreement, the Trust Deed, the SEBI (Mutual Funds) Regulations and the objectives of the schemes.
UTIAMC has also entered into a service agreement with the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) to provide them with back office support for business processes.
Sponsor: a. State Bank of India, b. Punjab National Bank, c. Bank of Baroda,
d. Life Insurance Corporation
Trustee: UTI Trustee Company Pvt. Ltd
Investment Manager: UTI Asset Management Company Ltd
Statutory Details: UTI Mutual Fund, a Trust under the Indian Trust Act, 1882 registered with SEBI under registration number MF/048/03/01 dated January 14, 2003.