New Delhi: India’s largest money manager, UTI Asset Management Company aims to launch a $200-300 million offshore fund by July that will invest in infrastructure-related companies, its managing director said on Monday.
“We are targeting investors in Europe, the Middle East and East Asia,” Chairman and Managing Director, U K Sinha said.
“UTI is also planning two domestic funds too – a diversified close-ended equity scheme and a gold-linked fund to expand its assets under management by 35 per cent to Rs 400 billion ($8.7 billion) by March 2007,” he said.
Its unit in Britain – UTI International Ltd – will launch the offshore fund.
UTI International Ltd manages three funds based in Mauritius – India IT Fund, India Fund and India Pharma Fund.
He said UTI had bought equities worth Rs nine billion during the third week of May, when shares fell sharply.
“We bought shares of auto, IT, cement, power and infrastructure companies,” Sinha said.
“I won’t say the shares are cheap. But there is scope for people to make money. I see no reason why it will not continue to rise,” he added.
Indian shares ended 0.4 per cent higher at 10,853.14 points on Monday eking out gains for a second day in a row after a sharp slide that had dragged the main stock index more than 14 per cent lower from a record high hit on May 11.
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