The mutual fund industry on Monday witnessed the arrival of the latest entrant in the form of UTI Mutual Fund (UTI-II which was carved out of the erstwhile UTI) with a corpus of Rs 15,000 crore under 47 NAV (net asset value) based schemes. The fund, which will be fully Sebi compliant, will have SBI, Punjab National Bank, Bank of Baroda and LIC as the sponsoring institutions.All the 47 the schemes under the UTI Mutual Fund will be managed by UTI Asset Management Company (P) Ltd and UTI Trustees Company (P) Ltd as per Sebi norms. To start with, UTI Mutual Fund will soon be launching a liquid fund for which it has already filed an application with Sebi. The fund expects to increase its asset under management to Rs 30,000 crore in the next one year. “We have no intention to rush to the market with new schemes every month, rather we would prefer to study the investment climate and launch new schemes as per the investors requirement,” chairman Damodaran said.UTI Mutual Fund has come into being after UTI had run into a serious financial mess with its assured return schemes. As per the government restructuring plan, UTI was split into two with all the 22 assured return schemes including the US-64 under UTI-I, which has now been named as Specified Undertaking of UTI, and NAV-based schemes under UTI Mutual Fund.
