Mumbai: UTI Asset Management Co. Ltd, India’s oldest and the sixth largest asset management company is ready to launch an initial public offering (IPO) and will offer to sell 26-30% of its equity, three people with direct knowledge of the matter said, asking not to be identified. Another 26% stake in UTI is held by US-based asset manager T Rowe Price. Spokespersons of LIC, UTI, Bank of Baroda, Punjab National Bank and PNB and ICICI Securities did not respond to emailed queries. If things go to plan, UTI will be the first asset management company in the country to be listed. There are 42 asset management companies in the country, with average assets under management of Rs18.3 trillion in the January-March period.

Source: Mint May 23, 2017 21:22 UTC