UTI Asset Management Company (AMC), the oldest fund house inthe country, is in advanced talks with top global players for offeringa 26% Global Mktsstrategic stake.
The AMC is understood to have shortlisted four international players.Among the names under consideration are the US firm T Rowe Price,Shinsei Bank of Japan and two European firms, according to a personfamiliar with the negotiations.
According to plans approved by the finance ministry, the four sponsorsof UTI AMC — State Bank of India, Life Insurance Corporation of India,Bank of Baroda and Punjab National Bank, will offload part of theirholdings to the strategic partner. The four state-owned entitiescurrently hold 25% each in the asset management company. UTI AMC’sCMD, UK Sinha, was not available for comment.
The plan to induct a strategic partner was announced a few months agoby the then finance minister P Chidambaram , while addressing the AMCboard at its Mumbai headquarters.
The AMC is understood to have shortlisted four international players.Among the names under consideration are the US firm T Rowe Price,Shinsei Bank of Japan and two European firms, according to a personfamiliar with the negotiations.
According to plans approved by the finance ministry, the four sponsorsof UTI AMC — State Bank of India, Life Insurance Corporation of India,Bank of Baroda and Punjab National Bank, will offload part of theirholdings to the strategic partner. The four state-owned entitiescurrently hold 25% each in the asset management company. UTI AMC’sCMD, UK Sinha, was not available for comment.
The plan to induct a strategic partner was announced a few months agoby the then finance minister P Chidambaram , while addressing the AMCboard at its Mumbai headquarters.
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