UTI Asset Management
was carved out of the erstwhile Unit Trust of India as a Securities and Exchange Board of India registered mutual fund from 1 February 2003. The Unit Trust of India Act 1963 was repealed, paving way for the bifurcation of UTI into: Specified Undertaking of Unit Trust of India and UTI Mutual Fund.
T Rowe Price Group Inc, through its wholly owned subsidiary T Rowe Price Global Investment Services Ltd., has acquired a 26% stake in UTI Asset Management Company Limited.
UTI Mutual Fund is the oldest and one of the largest mutual funds in India with over 10 million investor accounts under its 230 domestic schemes/plans as of 30 September 2017.
UTI Mutual Fund has a nationwide distribution network, which is spread across the length and breadth of the country. Its distribution network comprises over 48000 AMFI/NISM certified Independent Financial Advisors and 174 Financial Centers.
UTI Mutual Fund has been the pioneer for launching various schemes viz. UTI Unit Linked Insurance Plan with life and accident cover, UTI Mastershare, India's first Offshore Fund – India fund, UTI Wealth Builder Fund, the first of its kind in the Indian mutual fund industry combining different asset classes i.e. equity and gold which are lowly correlated.
