T Rowe Price to manage proposed overseas fund of UTI MF

T Rowe Price, which recently acquired 26% stake in UTI AMC, will manage the proposed overseas fund of the Indian fund house

US-based foreign institutional investor T Rowe Price, which recently acquired 26% stake in UTI AMC, will manage the proposed overseas fund of the Indian fund house, reports PTI.

"We are trying to raise money from here for investing in foreign securities and that money will be managed by T Rowe. We have filed the proposal with SEBI. As soon as we get SEBI’s approval, we will launch the product," UTI MF chairman UK Sinha said.

Around 65%-100% of this fund would be invested in foreign securities in emerging markets, Mr Sinha said.

Meanwhile, T Rowe Price (TRP) ruled out any immediate plans for upping its stake in UTI AMC.  "We have no plans at this stage," TRP vice-chairman Edward Bernard said when asked whether his company wants to raise its stake in UTI MF.

Mr Bernard added that there are also other shareholders involved in UTI MF and his company's interest in the mutual fund is high.

TRP completed its acquisition of 26% stake in UTI AMC through its wholly-owned subsidiary T Rowe Price Global Investment Services for Rs650 crore and gained representation on the board of UTI AMC.

The foreign fund acquired 6.5% stake from each of the four original stockholders—State Bank of India, Punjab National Bank, Bank of Baroda and LIC—amounting to 26% in UTI Asset Management Company and UTI Trustee Company.

 

  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)