UTI to hold open meet for investors, agents, corporates

Our Banking Bureau

Bangalore, Dec 3: As an image building exercise, for the first time ever, Unit Trust of India (UTI) is holding an open meet for its investors. Starting with Bangalore, the sessions will be held in many cities across the country. This was announced by UTI general manager (business development and marketing) K Madhava Kumar.

Mr Kumar said,‘‘We will be inviting high net worth individuals, corporates who have invested heavily in UTI schemes and some of the mutual fund’s most able agents all together to the meet in order to discuss issues concerning them.’’ He added that it was for the first time that investors, agents and corporates were being invited on a single platform for a common meet. Similar sessions will be held later in Pune, Chandigarh and Bhubaneshwar.

It was also informed that in case of the US-64 scheme, 61-per cent investment is in the form of equity, 27 per cent in government securities and 1.5-2 per cent in money market instruments. However, the fund is moving towards a more balanced investment in equity.

Mr Kumar said,‘‘We have to exit from big chunk investments. Already over the last one-and-a-half years, we have brought down the equity proportion from 76-77 per cent to 61 per cent and are moving towards 50 per cent.’’ He added that while repurchase was open for unit shareholders since July, of the total small investors’ fund of Rs 6,000 crore, only Rs 317 crore worth of repurchase has been recorded till date. Also, since July 2001, UTI is moving away from its role of a financial institution and would focus only on its MF business. Mr Kumar said,‘‘Henceforth, we will not participate in any projects, but will go on our own.’’