UTI Mutual Fund to go public this fiscal

The country's leading fund manager UTI Mutual Fund is likely to enter the capital market with its public issue by the end of current fiscal and has already got the approval from its board for the IPO.

"We have got in-principle approval from the four sponsors and modalities are being worked out. In another 6-8 months we would be in better position to tell about the launch time," UTI AMC Chief Marketing Officer Jaideep Bhattacharya told reporters here after launching 'India Lifestyle Fund'.

The ground work has started and various aspects were being examined, he said, adding after legal vetting merchant bankers would be appointed to carry the process further.

UTI Mutual Fund sponsors comprises State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India holding 25 per cent stake each.

Read more in The Economic Times article

Reliance once again largest fund house

Anil Dhirubhai Ambani group company, the Reliance Mutual Fund, retains its position as the country’s largest fund house having assets of over Rs 48,000 crore, even as the collective wealth of all the fund houses soars past Rs 3.50 lakh crore.

Reliance Mutual Fund’s asset under management (AUM) swelled to Rs 48,828 crore in April gaining Rs 2,521 crore over Rs 46,307 crore last month, according to latest figures released by Association of Mutual Funds in India (AMFI).

In terms of average asset under managements in April as well, Reliance Mutual Fund remained ahead of its peers at Rs 49,861.90 crore while ICICI Prudential stood at Rs 42,444.53 crore.Public sector fund house UTI Mutual Fund was at the third slot with AUMs of Rs 35,517 crore, which fell about Rs 66 crore from last month.

HDFC MF and Franklin Templeton Investments, the other two funds among the top five, gained over 11 per cent in their respective AUMs over the last month. HDFC MF’s AUMs stood at Rs 31,485 crore followed by Franklin Templeton at Rs 24,510 crore in April.