UTI Mutual Fund: Investor accounts rise to 1 crore

Jaideep Bhattacharya

India's PSU Mutual fund company UTI Mutual Fund said, ''Ours investor accounts increased by one lakh to 1 crore as of September end 2011, with increasing interest in Systematic Investment Plans (SIPs)".

Mr. Jaideep Bhattacharya, Group President & Chief Marketing Officer UTI MF said ,''The number of accounts have risen from 99.71 lakh in September 30, 2010 to 1 crore in September 30, 2011. Investors are now preferring to invest in equity through SIPs. Besides, rising interest rates are making debt mutual fund schemes attractive. The inflows into mutual funds will increase in the next three to four months, as we target more retail investors"

The UTI Mutual Fund now  has about  85 products in its portfolio, which is a mix of equity, debt and hybrid schemes.

Mr. Jaideep Bhattacharya also said, "We are not planning to come out with any new product now. The existing products are performing well."

However the average AUM (Assets Under Management ) of the UTI Mutual Fund declined by 9.4% to Rs. 62,580 crore in the quarter ending September, 2011 from the previous quarter.

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