UTI Asset Management Company has announced that it has entered into an exclusive agreement with State Street Global Advisors (SSgA), the world's largest institutional asset manager.
Under the terms of the agreement, SSgA will act as an investment advisor to UTI AMC for overseas investments by its funds and schemes. The agreement with SSgA will provide expertise with respect to investment in cross-border capital markets to investors in UTI AMC's mutual fund schemes.
The maximum limit for investment by Mutual Funds in overseas capital and debt markets is fixed as per SEBI guidelines. As of now, this limit is 10 percent of net assets of each Mutual Fund subject to a ceiling of US $ 50 million.
UTI AMC with assets under management (AUM) over Rs. 20,000 crore and investor accounts of more than 10 million in its 47 domestic and 4 offshore funds is India's largest mutual fund. Its investors account for 85 per cent of the investor accounts of the Indian Mutual Fund industry.