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.


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    Proposal mooted to nationalise Goa's inland waterways

    NWAI officials have held discussions with the Goa government on nationalising inland waterways, especially along the Mandovi and Zuari rivers, frequently used by iron ore barges to transport minerals

    The inland waterways of Goa used for cargo transportation—primarily export of iron ore—may soon be nationalised if the state government gives a green signal to the proposal mooted by the National Waterways Authority of India (NWAI), reports PTI.

    Senior NWAI officials were in Goa to hold discussions with the Goa government on nationalising these inland waterways, especially along the Mandovi and Zuari rivers, frequently used by iron ore barges to transport minerals.

    "It is for the state government to decide on nationalisation, and the proposal would not be thumped on them," NWAI chairman SP Gaur said in an event organised by the Goa Chamber of Commerce and Industries (GCCI) in Panaji on Thursday.

    If the proposal goes through, Goa's waters would be the fifth in the country to be nationalised and developed by the central agency.

    Goa’s waterways are used by 1,000-odd barges besides shipping trawlers and passenger ferry boats on a daily basis.

    The state's major mineral industry traditionally uses these inland waterways to carry ore from mines to trans-shippers (vessels anchored in ports).

    NWAI's initial estimates indicate that the state would need Rs400 crore-Rs500 crore to develop the waterways, river banks and navigational gadgets helping ship movements during the night.

    "Currently, ships cannot explore the complete potential of the waterways because of many factors including the night-time visibility issue. Once developed properly, all these issues would be solved, (thereby) increasing productivity," Mr Gaur said.

    During his Goa visit, the NWAI chairman interacted with major industry players in the programme hosted by GCCI.

    Allaying fears that nationalisation of inland waterways would take away rights of the state government, Gaur said that the agency would only look after the development aspect while regulation will still remain with the state.

    "We have nothing to do with the areas surrounding the rivers. We will be looking after only the navigational channel," he added.

    NWAI officials said that the state government can boost its revenue with nationalisation as the trade along the inland waterways will increase manifold.

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    Idea is losing the plot

    An actor playing a tree, to save paper—for selling a mobile service. What were they thinking when they made this ad?

    Idea Cellular has jumped onto the public service bandwagon to build its brand. (I recall they even tried some talk offer during the 26/11 anniversary ‘celebrations’.) Nothing wrong with that. In fact, when they stuck to politics, it was a good thing. However, they have now turned the idea into a buzzing factory, and every other month they come out with a new outlandish idea. It seems these guys get together every other day and brainstorm over chilled beer on what social issue to have fun with next. The last one was a total joke call ‘Walk when you talk’. Almost like how Cyrus Broacha was invited to spoof the idea for an award show’s curtain raiser. Well, thank god, no one took that idea to heart (or belly), and those that did are all in hospital, having been run over by speeding lorries.

    And even before the ICUs could be cleared, in comes the ‘save paper’ idea. Now, how is that an issue for the common man totally beats me. We don’t publish papers, books, girlie mags and toilet tissues! So how can the aam aadmi connect with this? What must he or she do about this? In fact with the current water shortage in Mumbai, demand for toilet rolls has gone through the roof! And I don’t think they’ve invented an e-bum cleaner yet. But seriously speaking, shouldn’t this be a direct marketing (paperless!) exercise targeted at the tree-chopping publishers and the like? Ah, but then how will they get to make fun, rocking commercials!

    The paper TVC involves Abhishek Bachchan playing a tree (quite apt, the actor can be quite wooden sometimes), from where he orders people to read news from their mobile phones while in the loo (sure will, once ‘downloading’ becomes super-fast, hehe!), to board flights using their cells (try selling this idea to airline security!) and so on. So all this is just a juvenile exercise, which achieves nothing but a few laughs.

    Ergo, the Idea campaign has turned into a joke assembly line. When what they ought to have done, is to come up with one solid public service campaign a year, which while entertaining, sends out important, relevant messages to the masses. God knows how many social evils this nation is plagued with. And all we get is this juvenile stuff.

    So then, what next? Save the world from global warming? Sure, why not? Maybe what the great world leaders could not crack at Copenhagen, Idea can do in India. And perhaps Abhi will play the role of a petrol tank! What an idea na, sirji!!!

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    Manish Keswani

    1 decade ago

    Actually it seems to be a great idea. Even if it just gets the message across about paperless billing, it would have acheived a lot.
    And promoting web surfing from mobile phone is a good way to increase revenue. It is a marketing campaign disguised as a social message. I read my emails on my mobile while traveling or in office. Maybe you ought to give it a try. Its not that slow anymore.
    Disclaimer (I haven't seen the ad yet)

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