Asset Management

Indian Asset Manager Shortlists Firms For Strategic Partnership

Wendy Spires, 16 December 2008

articleimage

Indian fund house UTI Asset Management Company is in talks with four international firms concerning its offering of a 26 per cent strategic stake, according to the country’s Economic Times.

Citing a person familiar with the matter, the ET report said that UTI AMC is understood to have shortlisted four potential strategic partners: Shinsei Bank of Japan, US investment manager T Rowe Price and two European firms.

Under UTI AMC’s plans, four of its sponsors - State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank – will offload their holdings to the strategic partner.  Each of the four state-owned sponsors currently holds a 25 per cent stake in the asset management company.

UTI AMC did not immediately respond when contacted by WealthBriefing.

UTI AMC was formed in 2003 after the operations of UTI, the first mutual fund in India, were split in 2003.  

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes