UTI Intl to launch overseas infra fund
Mumbai: UTI International, UTI Mutual Fund's UK-based subsidiary plans to set up an overseas infrastructure fund with a corpus of around $200 million. The process of registering the infrastructure fund with the Securities and Exchange Board of India (Sebi) is in process.

U K Sinha, chairman of UTI MF said the funds mobilised overseas for the infrastructure fund will be invested in various infrastructure projects in India. In the last six months, the assets under management with UTI International increased to $150 million from $90 million in the last six months.

UTI Mutual Fund in association with Boston-based finance firm, State Street Global Advisors (SSGA), also plans to carry forward its plan to invest a part of its assets under management in overseas bonds and exchange traded funds.

The mutual fund is also planning to register its schemes with the Monetary Authority of Singapore following the signing of the comprehensive economic co-operation agreement (CECA) between India and Singapore.

UTI Mutual Fund is one of the few funds who have firmed up their plans to tap the overseas market after the government decided to raise the ceiling on aggregate investments by mutual funds in overseas instruments from $1 billion to $2 billion.
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