UTI Asset Management Company Ltd Company Summary

UTI Asset Management Company Ltd Summary

UTI Asset Management Company Limited (UTI AMC) was incorporated on November 14, 2002 under the Companies Act, 1956 issued by RoC. Subsequently, pursuant to a Special Resolution approved in the Annual General Meeting on September 18, 2007, the Company got converted to Public Limited and consequently its name was changed to UTI Asset Management Company Limited and a fresh Certificate of Incorporation effective from November 14, 2007 was issued by RoC. The Company is registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996 with the object to carry on activities of raising funds for and render investment management services to schemes of UTI Mutual Fund. UTI AMC has been promoted by four sponsors, namely, State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank and each of them hold 25% of the Paid Up Capital of UTI AMCUTI AMC is the Investment Manager to the schemes of UTI Mutual Fund. It also manages offshore funds and provides support to the Specified Undertaking of the Unit Trust of India.The Company is the Holding Company for UTI Venture Funds Management Company which manages Venture Funds and UTI International Ltd., which markets offshore funds to overseas investors. Another subsidiary is UTI Retirement Solutions Ltd., which acts as the fund manager to pension fund schemes.UTI AMC is a SEBI registered Portfolio Manager and offers discretionary, non-discretionary and advisory services to high net worth clients, corporate and institutions.UTIAMC has been managing/advising the portfolios of domestic/offshore funds and mandates since inception in 2004. Some of the key offshore mandates/funds that the PMS Division has been advising/managing are Shinsei India Fund, an equity fund based in Japan. India Dynamic Equity Fund, a UCITS Fund registered in Dublin. K B India Fund a fund registered in Korea. Emirates India Fund, a UCITS fund registered in Luxemburg.In the year of 2003, UTI Mutual Fund was registered with SEBI under the SEBI Mutual Fund Regulations.In the year 2004, the company took the initiative for acqusition schemes of IL&FS mutual fund a long with its AUM by UTI Mutual Fund.In the year 2006, UTI International Singapore (Private) Limited was established as a Joint Venture with the Company. Besides, it had also launched the Shinsei UTI India Fund in Japan, a co-branded fund with Shinsei Bank of Japan.In 2007, the Companys subsidiary, namely UTI RSL, was incorporated with as its sponsor. Besides, UTI RSL was appointed as one of the pension fund managers by PFRDA.In 2009, one of the two fund managers of the Postal Life Insurance Corpus were appointed by Company, through which the UTI Mutual Fund Investor Folios crossed 10 million.In the year of 2010, the Company launched investor education initiative - Swatantra . TRP became a Shareholder in it.In 2011, the incorporation of UTI Capital Private Limited was formed with the Company.In 2017, the Company launched Alternate Investment Fund - UTI Structured Debt Opportunities Fund and Digi-invest Campaign.The Companys Mutual Fund Closing AUM was highest as on September 05, 2018 at Rs 1,766,463.22 million in the year 2018.In 2019, the Company has been appointed as one of the two Fund Managers of the EPFO corpus. The UTI Retirement Solutions Limited AUM crossed Rs. 1,000 billion. Amongst all SEBI licensed AMCs and their subsidiaries in India , UTI AMC and its subsidiaries have largest asset under management of Rs 7,674,657.90 million as of September 30, 2019 considering mutual funds (QAAUM), PMS (Month end AUM) and NPS (Month end AUM) assets (as per CRISIL).In 2019, the Company had received Best Fund House: Debt -Morningstar Awards, 2019. During the FY 2020, UTI RSL have received two prestigious awards comprising of Best Pension Fund Manager of the Year by the Asia Asset Management and Gold Award winner at the Outlook Money Awards 2019 under the Pension Manager of the Year category.In the year of 2020, the Company has been appointed as portfolio manager of ESIC Fund, to undertake functions of portfolio manager for CMPFO corpus. It has been further selected as Portfolio Manager by the Government of India for theNational Skill Development Fund, funds of Postal Life Insurance, funds of Employees Provident Fund (EPFO), funds of Coal Mine Provident Fund (CMPFO) & Employees State Insurance Fund which are predominantly debt-oriented funds.On January 20, 2020 T. Rowe Price Group Inc. through its wholly owned subsidiary T. Rowe Price Global Investment Services Ltd. U.K.(TRP) acquired 26% stake in UTIAMC after obtaining all the requisite approvals from the Government of India, SEBI and the RBI. Directors representing TRP have been inducted on UTIAMC Board. This ensures an effective amalgam of global technological expertise and the long experience with Indian capital markets.There were 3 funds launched during the FY 2021-22 viz., UTI Focused Equity Fund, UTI BSE Sensex Index Fund and UTI S&P BSE Low Volatility Index Fund with allotment date of 25th August, 2021, 19th January, 2022 and 14th February, 2022 respectively which garnered over Rs. 2,770 crores worth of gross sales. The New Fund Offer (NFO) of UTI Midcap 150 Quality 50 Index Fund was opened on 28th March, 2022 and closed on 5th April, 2022. NFO units were allotted on 11th April, 2022.During the FY 2021-22, change in fundamental attributes of schemes were carried out for creation of segregated portfolio in UTI Unit Linked Insurance Plan (UTI ULIP) details of which were announced dated 19th April, 2021. Further, there were cases of merger in schemes like merger of UTI Long Term Advantage Fund - Series III, UTI Long Term Advantage Fund - Series IV, UTI Long Term Advantage Fund - Series V, UTI Long Term Advantage Fund - Series VI and UTI Long Term Advantage Fund - Series VII, closed ended ELSS into UTI Long Term Equity Fund (Tax Saving) and open ended ELSS, details of which were announced dated 23rd August, 2021.The Company manages 93 domestic mutual fund schemes comprising Equity, Fixed Income, Hybrid, Liquid and Money Market Funds, ETFs and Index Funds with the cumulative QAAUM of Rs. 2,23,842 crore as of 31st March, 2022.UTI MF launched 12 funds during the FY 2022-23 under different equity, debt and ETF category and mobilised a total AUM of Rs 1,142 crore. During FY 2022-23, there were merger of 17 debt schemes under fixed term maturity plans into 4 schemes; there was a change in asset allocation pattern of UTI-Fixed Income Interval Fund-Annual Interval Plan I and UTI-Fixed Income Interval Fund-Annual Interval Plan III; and enabling provision for creation of segregated portfolio in the surviving schemes post-merger.As of 31st March, 2023, UTI AMC is responsible for managing 68 mutual fund schemes in India, which include Equity, Fixed Income,Liquid, Hybrid and Solutions, ETFs & Index Funds and FoF. The total Quarterly Average Assets Under Management (QAAUM) for all ofthese schemes is Rs 2.39 lakh crore.