UTI To Tie Up With Europe Bank To Float Offshore Fund

Mumbai: UTI Asset Management Company is close to join hands with a European bank for unveiling offshore fund dedicated to investments in the domestic infrastructure stocks. The corpus of the fund will be about $300 million. This will be UTI AMC's second infrastructure fund and comes after the close of its first infrastructure fund it unveiled in tie-up with Australia's AMP in 1999. The fund had given a compounded annual growth rate (CAGR) of 35 per cent in dollar terms. They are talking with a top European financial services firm for this fund, which would be aimed at investing in infrastructure. With increasing equity returns from the domestic investments, the domestic AMCs were looking forward to unveiling more offshore funds. UTI AMC had raised $108 million from Japanese investors recently via a tie-up with Shinsei Bank. UTI AMC, via its subsidiary UTI International has five offshore funds, which also include India fund, India IT fund and India Pharma fund.