Damodaran appointed as UTI AMC head

The board of directors of UTI Trustees Company (P) Ltd and UTI Asset Management Company (Pvt) Ltd on Tuesday appointed M. Damodaran as the c...

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The board of directors of UTI Trustees Company (P) Ltd and UTI Asset Management Company (Pvt) Ltd on Tuesday appointed M. Damodaran as the chairman & managing director of UTI AMC (P) Ltd (UTI-II).

Speaking at a press conference, M Damodaran, chairman of undivided UTI said: “We are in a state of complete readiness as UTI MF from February 1, 2003. From February 3, 2003 (being the first working day), UTI AMC will be fully operational.”

As on December 31, 2002, the corpus size of UTI AMC (P) Ltd—UTI-II—is Rs 15,179.64 crore with 47 schemes under its belt, while UTI-I’s corpus size is at Rs 30,591.19 crore and have 22 schemes. The flagship scheme of UTI—US-64—has a share of Rs 9,555.54 crore in UTI-I.

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UTI will be formally split on February 1, 2003, wherein, UTI-I will give shelter to US-64 and all assured return schemes, while UTI Mutual Fund will have all net asset value-related schemes.

In regards to managing funds of UTI-I, the newly appointed CMD of UTI AMC said: “If approached we are willing to manage the assets of UTI-I… the fees charged would be very competitive and in line with the industry standards.”

The advisory board of UTI-I will meet on Wednesday and will decide the future course of action on managing its funds. Along with Damordaran, the other board members of UTI AMC are S.H. Bhojani, partner, Amarchand Mangaldas, J.S. Mathur, former deputy comptroller and auditor general of India, B.D. Sumitra deputy managing director and chief financial officer, State Bank of India.

UTI Trustee comprise of C. Ramachandran, Pritam Singh, I.D. Agarwal, Dr Kanta Ahuja and M.P. Radhakrishnan. Ramachandran was also appointed as chairman of UTI Trustte Co (P) Ltd.

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However, the issue of fees for managing UTI-I will be decided on Wednesday in the meeting of UTI-I advisory board. The advisory board will also assign a name to UTI-I. “We are soon expecting a notification for UTI being covered under the Securitisation Act,” Damodaran added.