Bombay-headquartered Unit Trust of India Asset Management Company (UTI AMC) has registered three funds in France through its global marketing subsidiary UTI International, InvestmentEurope has learned.
The strategies have been authorised for distribution on 13 June 2018 by French financial markets regulator AMF. The UTI India Balanced fund and the UTI India Dynamic Equity fund are both sub-funds of the Ireland-domiciled Icav UTI Goldfinch Funds Plc. Additionally, the UTI Indian Fixed Income fund PLC has also received AMF’s green light to be marketed towards French investors.
The UTI Indian Fixed Income fund consists of a portfolio of fixed income securities issued by the Central Government of India, State Governments of India, Indian public sector undertakings, companies of Indian origin or deriving a significant portion of their business in India.
It held 35 positions as of end May 2018 and tallied $244.1m (€211.1m) of assets under management. 36% of the fund net assets were in Indian govies as at 31 May 2018. This fund is also available to investors domiciled in Singapore, Switzerland, Austria, Spain and the United Arab Emirates.
The recently-launched UTI India Balanced fund seeks to provide moderate growth as well as income using an active asset allocation approach to Indian equity and debt.
As for the UTI India Dynamic Equity fund, worth $132m (€114.1m) of AUM as of end May 2018, it focuses on Indian growth stocks listed on the Mumbai stock exchange and the National stock exchange in India. Other countries in which UTI International registered the fund include the UK, Singapore, Germany, Switzerland, Austria, Spain and UAE.
UTI AMC has over $54.45bn (€47.1bn) in assets under management. T.Rowe Price owns 26% of UTI while the remaining 74% are equally held between four shareholders.