UTI Asset Management Company Limited has informed the Exchange about Investor Presentation
Ref. No.: UTI/AMC/CS/SE/2023-24/0395
Date: 29th January, 2024
National Stock Exchange of India Limited Exchange Plaza Plot No. C/1 G Block Bandra – Kurla Complex Bandra East Mumbai – 400 051. Scrip Symbol: UTIAMC
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001. Scrip Code / Symbol: 543238 / UTIAMC
Sub: Investor presentation on financial results of the Company for the quarter and nine
months ended 31st December, 2023
Dear Sir / Madam,
With reference to our letter no. UTI/AMC/CS/SE/2023-24/0393 dated 29th January, 2024 and Pursuant to Regulation 30 read with Schedule III Part A Para A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the SEBI Listing Regulations), we are forwarding herewith the investor presentation on financial results of the Company for quarter and nine months ended 31st December, 2023.
The same is also available on the Company’s website at www.utimf.com in compliance with Regulation 46 of the SEBI Listing Regulations.
Thanking you,
For UTI Asset Management Company Limited
Arvind Patkar Company Secretary and Compliance Officer
Encl.: As Above
Information Classification: UTI AMC - Public
UTI ASSET MANAGEMENT COMPANY LIMITED
Investor Presentation
UTI AMC Q3 FY 23-24
UTI AMC – A Customer centric Global Asset Management Firm
Pioneer in India
• Oldest Mutual Fund in India & a trusted household brand •
First to launch Equity Mutual Fund, Children’s Plan
• •
INR 17.59 lakh crore in AUM* Focused Solely on Investment Management and related services Presence across various business segments like Mutual Funds, Alternate Investment Funds, Retirement Business and Portfolio Management Services
698 Districts covered across India
• Well spread presence through DAs, MFDs, Banks, National Distributors and Fin-tech • •
Partnering with ~65,500 MFDs Strong Penetration in B30 cities with high share
Presence across 35+ Countries International Presence through UTI International • • Own Offices in Singapore, London, Dubai & Paris
Strong Governance practices Professionally managed listed company with no identifiable promoters Strong independent Board with 6 out of 10 members independent 2 Women Directors in UTI AMC. Women Directors present in UTI International, UTI RSL & UTI Capital
• • •
*Total AUM includes QAAUM for UTI MF, Closing AUM as of 31st December 2023 for all other business
2
UTI AMC – Our Vision and Mission
VISION
To be the most preferred Asset Manager
MISSION
The most trusted brand, admired by all stakeholders
Asset Manager with a diverse suite of products & global presence
Enable our customers to achieve their financial goals
Employer of first choice
A socially responsible organization, known for best corporate governance
3
Focus is the Essence of our Business
Long - Term Success
Performance-driven with purpose
Investment Excellence
Investors First
Co-operation and Collaboration
Trust and Mutual Respect
Thinking Long- Term
Focus of our existence
Investor success leads to our success
Bringing out the best ideas
Building meaningful relationships
Shaping sustainable competitive advantage
4
Our Continuous Endeavour is to
Build and retain highly competent and Motivated investment team across asset classes
Build excellent investment systems and processes.
Further build our distribution capabilities and strengthen existing relationship with our partners
Enhance our standing as a leader in Retirement and AIF business
Execute key operations and technology driven initiatives to improve efficiency, security, and agility
Increase our International presence further
Embed ESG principles across the firm to be admirable stewards of client / shareholder capital
Achieve investment performance for our investors
+
Returns for our shareholders in the long term
5
Healthy Mix of Shareholders
0.15% 2.54%
5.57%
8.28%
15.51%
22.92%
15.18%
9.95%
9.95%
9.95%
UTI AMC is a professionally managed company with no identifiable promoters
State Bank of India, Bank of Baroda and Life Insurance Corporation of India hold 9.95% share capital each
T. Rowe Price International Ltd. – a global investment management firm is largest shareholder
Mutual Funds
Retail Shareholders
Foreign Portfolio Investors
Alternate Investment Funds
Punjab National Bank, which has no other AMC business, has a 15.18% holding
Others
As of 31st December 2023
6
Our Key Performance Indicators
Assets Under Management
Total AUM*
INR 17,59,150 Crore
MF QAAUM
INR 2,72,945 Crore
Market Share
NPS AUM
26.12%
MF AUM
5.54%
Profitability 9M FY 24 vs 9M FY 23
Flows & Folios
Revenue growth 35% Core Revenue growth# 0.3%
Gross Sales@
INR 2,47,173 Crore
EBITDA growth 60% Core EBITDA growth† (10%)
SIP Gross Sales@
INR 1,695 Crore
Other AUM^
INR 14,86,205 Crore
Equity AUM
4.02%
PAT growth 71% Core PAT growth† (5%)
Live folios
1.22 Crore
*Total AUM includes QAAUM for UTI MF and Closing AUM as of 31st December 2023, for all other business ^Other AUM: total Closing AUM as of 31st December 2023, for all other business except Mutual Funds # Core Revenue is Revenue from Sales of Services † Core EBITDA and Core PAT exclude M2M gain, Income from Sale of Investment and Other Non-Operating Income @For the quarter
7
UTI Group
UTI AMC Structure
UTI AMC Ltd.
100% Subsidiaries
Investment Manager to UTI Mutual Fund
Support Services to SUUTI
Investment Manager to Offshore Funds
PMS (includes EPFO, CMPFO, ESIC and PLI Funds)
UTI International Ltd.
Manager for International (Offshore) Funds
UTI Alternatives Pvt. Ltd.
Manager for Private Equity & Debt Funds
UTI Retirement Solutions Ltd.
Manager for Pension Funds
UTI Venture Fund Management Co. Ltd.
Manager for Venture Funds
9
Group AUM for UTI AMC increased by ~17.5% YoY
December 2022
September 2023
December 2023
INR crore
Total INR 14,97,777 crore
Total INR 16,89,318 crore
Total INR 17,59,150 crore
1,643 , 0.11%
23,826 , 1.59%
2,40,841 , 16.08%
2,30,560 , 15.39%
1,799 , 0.11%
24,207 , 1.43%
2,66,813 , 15.79%
2,69,527 , 15.95%
1,943 , 0.11%
28,282 , 1.61%
2,72,945 , 15.52%
2,85,256 , 16.22%
10,00,906 , 66.83%
11,26,972 , 66.71%
11,70,724 , 66.55%
PMS
UTI MF
UTI International
UTI Alternatives
UTI RSL
10
UTI MF - witnessed AUM growth in the quarter
Domestic MF Closing AUM as on 31st December 2023
Equity INR 85,468 crore
ETFs & Index INR 1,13,627 crore
Cash & Arbitrage INR 30,925 crore
Hybrid INR 25,771 crore
Income INR 26,417 crore
MF Closing AUM INR 2,82,207 crore
Domestic MF QAAUM for the quarter ended 31st December 2023
Equity INR 80,455 crore
ETFs & Index INR 1,03,923 crore
Cash & Arbitrage INR 36,106 crore
Hybrid INR 24,701 crore
Income INR 27,760 crore
MF QAAUM INR 2,72,945 crore
11
Growth Trajectory – 13.33% YoY QAAUM growth for UTI MF
Total MF QAAUM
Market Share – Total MF QAAUM
INR crore
2,72,945
2,66,813
2,40,841
Dec 22
Sep 23
Dec 23
Dec 22
5.98%
Sep 23
5.68%
Dec 23
5.54%
Source: AMFI, Internal.
12
Keystones in Growth – 17.63% YoY growth in Hybrid QAAUM
Equity QAAUM
INR crore
80,455
78,291
73,631
Dec 22 Dec'22
Sep 23 Sep'23
Dec 23 Dec'23
Hybrid QAAUM
INR crore
21,000
24,701
23,038
Dec 22
Sep 23
Dec 23
Source: AMFI, Internal.
Market Share – Equity QAAUM
Market Share – Hybrid QAAUM
Dec 22
4.82%
Dec 22
4.78%
Sep 23
4.25%
Sep 23
4.56%
Dec 23
4.02%
Dec 23
4.55%
13
Income QAAUM witnessing 24.5% YoY growth
Income QAAUM
INR crore
26,881
27,760
22,299
Market Share – Income QAAUM
Market Share – Cash & Arbitrage QAAUM
Dec 22
2.91%
Dec 22
6.60%
Dec 22
Sep 23
Dec 23
Sep 23
3.04%
Sep 23
5.84%
Cash & Arbitrage QAAUM
INR crore
42,331
40,181
36,106
Dec 22
Sep 23
Dec 23
Source: AMFI, Internal.
Dec 23
3.16%
Dec 23
5.29%
14
Passive Funds Gaining Traction – clocking 35.82% YoY growth
Index & ETFs QAAUM
Market Share – Index & ETFs QAAUM
INR crore
98,421
1,03,923
81,580
Dec 22
Sep 23
Dec 23
Dec 22
12.67%
Sep 23
12.62%
Dec 23
12.71%
Source: AMFI, Internal
15
Trend in Net Sales Quarterly Net Sales for ETF & Index witness steady growth
Quarterly Net Sales
INR crore
4,731
1,885
2,364
2,589
-287
-271
-134
-1,001
-2,135
1,264
1,036
857
-491
2,227
Q3 FY23
Q2 FY24
Q3 FY24
-3,950
-3,746
-6,718
-9,159
Equity
Hybrid
ETFs & Index
Cash & Arbitrage
Income
Total
Source: Internal.
16
Key Business Focus Areas
Geographical Spread Across the Country
Growth of International, Retirement & Alternate Business
Consistent Development of Human Capital
Prudent Investment Management Process
Leveraging Digital Adoption
Attracting Right Opportunities through Partnerships
17
1. a) Prudent Investment Management Policies
Risk Identification
• Stress testing • Product development process • Risk control self assessment • Review Mechanism
Risk Control
• Avoidance • Transfer • Mitigation
Risk Management Cycle
Risk Measurement
• Credit risk • Market Risk • Operational Risk • Liquidity Risk • Investment/Product Risk
Risk Monitoring
• Investment Committee • Risk Management
Committee
• Board
Control
• Regular Compliance Check • Dedicated Risk Management Team • Internal & External Audit Team
Advisory • Equity Research • Debt & Macro Research
Decision Making
• CIO, Head – Equity, Head – Fixed Income &
Fund Managers
Fund Accounting
• Accounting Valuation & Net Asset Value (NAV) • Corporate Action Follow-up & Recovery
Execution
• Equity, Debt, Money Market Dealers • Primary Market Dealers
18
1. b) Investment Management Process
Equity Investment Process
Fixed Income Investment Process
Investment Process • In house research team
Approach • Key objective is yield and duration management
• Proprietary framework – qualitative & quantitative
• Achieved through combination of top-down and
• Portfolio Construction
Diversity • Diversity of styles with discipline
• Bound by the Investment process
• Risk guidelines
Team Culture • Experienced and Professional team
• Emphasis on collaboration
• Interactive process - formal and informal
Performance Measurement • Based on performance of fund against benchmark
and peers over different time periods
bottom-up approaches
Research Process • Considers both qualitative and quantitative factors, proprietary ratings and research methodologies
• Arrives at a universe of issuers in which to invest
Construct • Portfolio constructed in the light of investment
objectives and investment strategies
• Emphasis on risk, diversification and performance
Review • Comprehensive review mechanism with rigorous
monitoring
• Supports investment decisions of fund managers
Endeavour to deliver industry leading performance
19
1. c) Embedding ESG in our Investment Decisions
Integration
Integrating material ESG factors into Investment Decision Process
ESG Framework
Sector-specific framework to understand and manage ESG risk consistently across portfolio holdings
ESG Database
Helps in evaluating the ESG performance of a company on an individual basis and peer benchmarking
ESG Integration Process
Evaluation of quantitative and qualitative ESG factors/risks that may impact a company’s long-term sustainable performance
1-on-1 Engagement with company management
y g e a
t
r t S
t n e m
t s e v n
I
l
e b i s n o p s e R
Stewardship
Safeguarding Investors’ interests through monitoring and regular engagements with investee companies
Engagements
ESG Questionnaires
Proxy Voting
Material Risk Surveys
20
2. SIP to remain the cornerstone for AUM performance
Long Tenure SIP Book(1)
Monthly Gross SIP Inflow (INR Crore)
More than 10 Years
89%
554
556
More than 5 Years
95%
573
566
537
532
572
565
558
554
554
550
544
DEC'22
JAN'23
FEB'23 MAR'23 APR'23 MAY'23 JUN'23 JULY'23 AUG'23 SEP'23 OCT'23 NOV'23 DEC'23
Our SIP AUM increased by INR 8,164.6 crore, or 38% from INR 21,495 crore as of 31st December 2022, to INR 29,6592) crore as of 31st December 2023
Increasing the number of SIP-selling mutual fund distributors and their share of wallet is a particular priority for the sales engagement strategy
Source: RTA Data. (1) As of 31st December 2023 (2) SIP folios with four consecutive SIP failure has been excluded.
21
3. a) Enabling Business Digitally
24x7 Digital Channels
Assisted Journeys integrated
Building Community
• Access at your convenience anytime anywhere, New Mobile App & Transaction portal launched, Improved UI/UX and transactional Journeys
• Website utimf.com & Mobile App for Investing, Enquiry and servicing. Website is PWA enabled, and SEO optimized
• Conversational Investing, Enquiry & Assistance through
chatbot UNO & WhatsApp Interface
• Tech enabled, Secured and 2FA compliant Digital Channels • Added New features such as Investment packs, Goal Management, CART based Investing & much more
• Customer service for Product & Investment enquiry-
Inbound, Outbound & Co-browsing support
• Revamped Contact Centre operations – New Dialer &
updated processes
• ‘ Live Chat with Agent’ service for investors through
Chatbot & WhatsApp
• Call-back to customers for on-demand Assistance & for
failed transactions
• Insta Invest- for one click Digital Investment via UTI
Financial Centres & Contact Centre
• Active engagement on multiple touch points across Social
Media channels
• Growing Social Media follower base and engagement via
multiple multimedia campaigns
• Content distribution across channels- Infographics, blog post, videos, eBooks, GIF, surveys chatbot, FAQs etc.
• Market Insight - UTI MF Knowledge Series based virtual
events.
• Awareness & Consideration led paid marketing campaigns on Search, Display, OTT, Video, News platforms for existing prospective Audience
Simplifying Life
• Real - time One Time Mandate– for enabling One-click
Investment
• Multi-scheme Investing – create and invest in upto 4
schemes in-a-go with one click investment
• Revamped Digital KYC - Paperless and Contactless KYC
process riding on Aadhar & Digi Locker
• Quick Services via SMS or Missed Call – Portfolio valuation
Enquiry, Request Call back, SOA enquiry etc.
• ‘Quick Pay’ feature launched for instant Payment via pre- filled Investment Links for Missed SIPs, failed transactions
• Instant Call-back for failed SIP and Lumpsum transactions
& Abandoned Cart feature launched for drop-off transactions, to re-start journey
Partner Enablement • Online empanelment of MFDs • Revamped UTI Buddy - Office-on-the-go App and web interface for MFDs. Improved UI/UX and transactional Journeys and straight through capabilities
• Initiate & track transactions for investors to reduce sales
cycle. Track AUM, Folio and Market updates
• Embedded Investing - API integrations with Partners and
Aggregators.
• WhatsApp channel for Distributors. Communication on
WhatsApp also enabled as preferred channel
• UTI Insta Pay - Insta Brokerage Module for Commission
payments on the fly
Personalized and Contextual Journey
• Multi-media marketing platform for Email, SMS, Push
Notifications etc.
• Delivers relevant content through preferred channel • Consistency in customer experience with personalized touch across platforms
• Segmented and Targeted campaigns for cross-sell
based on Analytics
• Re-Marketing Campaigns – Retargeting and Cookie
based framework
• WhatsApp communication for Targeted Investors
22
3. b) New Age Digital Channels- #NEWFORYOU
New Website & Mobile App for Investors- Mobile First, secured & scalable
New UTI Buddy (office-on-the-go) Website & Mobile App for MFDs
New state of the Art Contact Centre – Self-service IVR, Call, Chat, Co-browsing
Paperless & Contactless Digital KYC- riding on Aadhar, Digi- locker & e-sign
23
3. c) Current Digital Ecosystem at UTI AMC
Riding on Best-in-class Technology and partner Ecosystem
Front Office (Revenue generating & Customer facing)
Middle Office (Risk & Compliance)
Back Office (Accounting, Technology, HR, Finance)
Brand Message
Investment Management
Risk & Compliance
Research & Fund Management
Human Resource
Transaction Processing
Customer Engagement
Customer Onboarding Channels
DTS
Digital Enablers
Customer Servicing
Accounting & Operations
Robotic Process Automation
Registrar & Transfer Agent
Information Technology
Cybersecurity
Data
24
3. d) Growing online transactions reflect acceptance of digital
Quarterly Online Gross Sales (as %age of Total Gross Sales)
100.00%
98.00%
96.00%
94.00%
92.00%
90.00%
88.00%
86.00%
84.00%
82.00%
80.00%
94.60%
95.10%
94.60%
94.80%
96.40%
Number of digital SIP transactions recorded a growth of 10% in Q3 FY24 as compared to Q3 FY 23
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
34.23% of total gross sales of Equity & Hybrid funds were mobilized through digital platforms
We envisage using analytical tools and our digital marketing platform to identify and capitalize on cross selling and upselling opportunities
25
3. e) Steps to increase digital presence are paying off
For Customers •
Seamless accessibility through digital channels
• Paperless & digitally enabled KYC process & multiple enablers for seamless digital transactions
For Distributors
•
•
Buddy”
– Office-on-the-go
“UTI distributors Enabled multiple transactions in assisted mode reduce sales cycle, service instantly. Also track AUM, get business insights and timely market updated
for
to
Number of Digital Purchase Transaction (in Lakhs)
120.00
100.00
80.00
60.00
40.00
20.00
0.00
115.84
93.57
41.40
26.00
32.26
FY 20
FY 21
FY 22
FY 23
Q3 FY24
Sales through Digital Platforms (as a %age of Equity & Hybrid MF Gross Sales)
Marketing
• Data driven digital marketing – through
email, SMS, notification and WhatsApp
• We intend to continue our investments in paid marketing and digital partnerships across channels, with aim to acquire new investors and increased sales
53
49
42.25
34.23
60.00
50.00
40.00
30.00
20.00
10.00
0.00
22.9
Source: RTA Data
FY 20
FY 21
FY 22
FY 23
Q3 FY24
26
3. f) Developing digital resources to be future ready
Grow the Core
•
•
•
Identified Focus Areas & Roadmap
Enabling Sales force Digitally
Enhancing Digital Assets
New Growth Avenues
•
Tapping emerging segments
• Driving digital
partnerships & sales via paid & Organic mediums
Optimize Cost
• Digitizing operations to
reduce cost
• Reimagining operating
models riding on technology & data
•
Reimagined Digitized Ecosystem
for Direct-to-Customer
• Digitizing UFCs
riding on Technology and Digital
Segment
Solutions
• Digitized Ecosystem for Partners for Increased distribution
•
Remote/Distributed operating Model for Investor and
Outreach
Partner Support
• Data First organization riding on Analytics and Personalization
• Digitized & Automated Operational processes riding on
at Scale
Automation tools
27
4. a) Geographical Reach Across the Country
J&K 1
Chandigarh 1
Himachal Pradesh 1
Uttarakhand 3
Delhi 5
Haryana 6
Rajasthan 10
Uttar Pradesh 15
Bihar 7
Assam 5
Meghalaya 1
194
1,496
West Bengal 15
Tripura 1
756
Chhattisgarh 4
Odisha 8
Gujarat 16
Madhya Pradesh 7
Maharashtra 27
Goa 2
Karnataka 13
Telangana 6
Andhra Pradesh 9
Kerala 9
Tamil Nadu 11
Puducherry 1
~65,500
187
UTI Financial Centres (UFCs)
UTI AMC Employees*
Core Sales Team Members
Mutual Fund Distributors (MFDs)
District Associates (DAs)
As of 31sr December 2023 *Total Employees are 1,496 - includes 1,427 UTI MF employees and 69 employees of our subsidiaries
28
4. b) Multi-channel distribution network brings stability
Total QAAUM
Equity + Hybrid QAAUM
Dec ’22
29
Sep ’23
Dec ’23
26
28
66
68
68
Direct
MFDs
BND
5
Direct
MFDs
BND
6
Direct
MFDs
BND
5
Direct
MFDs
BND
Direct
MFDs
BND
Direct
MFDs
BND
Dec ’22
31
Sep ’23
32
Dec ’23
33
12
11
11
57
57
56
Source: RTA Data
Direct
MFD
Bank & Distributors
29
4. c) Outpacing the Industry in B30 cities
Monthly AAUM December ‘23
UTI Mutual Fund
77%
23%
Industry
T30
B30
T30
B30
15%
Improved awareness about investing in financial products vis a vis traditional investment
Our established presence in B30 cities has enabled us to attract new clients and positions us to capitalize on future growth in those underpenetrated cities
Network of 194 branches with 137 branches located in B-30 cites as of 30th December 2023
Our broad client base also provides us with several opportunities, including cross-selling different funds
85%
Our size and distribution network, particularly in B30 cities, provides us with economies of scale, particularly in distribution, marketing, and back-office activities
B30 AUM aids our overall margins as these are stickier in nature and offer comparatively higher margins
Source: AMFI, RTA Data & Internal.
30
5. a) UTI International Ltd. – Exploring New Destinations
Assets Under Management of INR 28,282 crore as of 31st December 2023
4 Office Locations – Singapore, Dubai, London and Paris with a total of 29 staff & Clients spread across 35+ countries with top 5 being Japan, Switzerland, France, UK, Israel and are primarily Institutions – Pensions, Banks, Insurance and Asset Managers
Our Indian Equity fund (IDEF) domiciled in Ireland, with an AUM of USD 1,097 million is being widely recognized and highly recommended
UTI India Innovation Fund has an AUM of USD 39.32 million
The J Safra Sarasin Responsible India fund, Europe’s first ESG Compliant India fund, has AUM of USD 80.86 million
Fund structures in Ireland, Singapore, Cayman Islands, Dubai and Mauritius
Regulated by Monetary Authority of Singapore, DIFC in Dubai and FCA, UK
31
5. b) UTI Retirement Solutions Ltd. – Reaching New Heights
%
100% subsidiary of UTI AMC Ltd.
PFRDA licensed for managing Pension funds
Managing Government and non-Government NPS corpus
UTI RSL manages 26.12% of the NPS Industry AUM as on 31st December 2023
UTI Retirement Solutions has shown AUM growth of ~23.7% to INR 2.85 lakh crore as on 31st December 2023
32
5. c) UTI Alternatives Pvt. Ltd. – Expanding the Business Portfolio
%%% UTI Alternatives (formerly known as UTI Capital Pvt. Ltd.), 100% subsidiary of UTI AMC Ltd. mandated to manage and grow the private
capital investment business
Currently manages 5 active private debt funds (UTI SDOF I, II & III), multi strategy fund (UTI MOF I) and real estate strategy fund (UTI REOF I) with net commitments of INR 1,943 crore
UTI Structured Debt Opportunities Fund I – Launched in August 2017. Fund closed in May 2019. Net Commitments of INR 132 crore(1). Currently exiting Investments
UTI Structured Debt Opportunities Fund II – Launched in December 2020. Net Commitments of INR 519 crore(2). Currently Investing
UTI Structured Debt Opportunities Fund III – Launched in December 2022. Net Commitments of INR 415 crore(2). Currently fund raising and Investing
UTI Multi Opportunity Fund I – Launched in March 2022. Net Commitments of INR 763 crore(2). Currently Investing
UTI Real Estate Opportunities Fund I – Currently Fund Raising and Investing with commitments of INR 114 Crore. UTI Alternatives got Co-investment Portfolio Manager (CPM) License in August 2022.
SEBI approvals received for two more Funds i.e., UTI Credit Opportunities Fund I and UTI Asset Reconstruction Opportunities Fund I – to be launched
UTI Alternatives is also committed to Responsible Investing. UTI SDOF II & III have a well defined ESG policy and strategy
Data as of 30th December 2023 (1) Net Outstanding Amount (2) Commitments received
33
ESG Initiatives
•
•
Initiated ESG framework development exercise for integrating essential ESG aspects into business operations
Framework to be based on international standards and help in strengthening existing management systems
• Created Materiality Map by identifying key ESG aspects and prioritizing their relevance for business and society
• Working towards developing first GRI Standards based sustainability report to enable improving overall ESG
performance
E
•
•
•
UTI AMC Group is a signatory to United Nations – Principles of Responsible Investing framework
Adopted paperless office system, smart e-approval systems
Use of Renewable Energy at the Corporate Office
S
• We are an equal opportunity
employer. Over 28% of our total workforce are women. We have 423 women employees in our workforce as of 31st December 2023.*
•
Strong CSR programme focusing on health, education and rural development with a human development approach
• We have sanctioned INR 9.87 crore under our CSR initiative during April – December 2023
G
• Corporate governance has always been an integral component of our investment philosophy and company selection process.
•
As of December 31, 2023, 60% of the Board members are Independent Directors (6 out of 10) with 2 Independent Women Directors.
• Women Director(s) present on the
Boards of UTI Capital, UTI International & UTI RSL
*Data pertains to UTI AMC employees, i.e., 28.27% of 1,496 employees
34
Financial Snapshot
Consolidated Statement of Profit & Loss – Quarterly Earnings
Particulars
Total Revenue from Operations
Other Income
Total Income
Fee & Commission expenses
Employee benefit expense
Net loss on fair value changes
Depreciation & Amortization expenses
Other Expense
Finance cost
Total Expenses
PBT
PAT
PAT for the Owners of the Company
PAT Margins (PAT Margin = PAT / Total Income)
Total Revenue from Operations
Sale of Services
Net Gain on fair value changes
Interest & Dividend Income
Rental Income
Total Revenue from Operations
Q3 FY 24
Q3 FY 23
449
1
450
1
105
-
10
70
3
189
261
203
186
41%
Q3 FY 24
290
123
33
3
449
295
(2)
293
1
104
17
10
56
2
190
103
60
60
20%
Q3 FY 23
284
-
8
3
295
%(+/-)
52%
(150%)
54%
-
1%
(100%)
-
25%
50%
(1%)
153%
238%
210%
%(+/-)
2%
NA
313%
-
52%
INR crore
36
Consolidated Statement of Profit & Loss – Seq. Quarterly Earnings
Particulars
Total Revenue from Operations
Other Income
Total Income
Fee & Commission expenses
Employee benefit expense
Depreciation & Amortization expenses
Other Expense
Finance cost
Total Expenses
PBT
PAT
PAT for the Owners of the Company
PAT Margins (PAT Margin = PAT / Total Income)
Total Revenue from Operations
Sale of Services
Net Gain on fair value changes
Interest & Dividend Income
Rental Income
Total Revenue from Operations
Q3 FY 24
Q2 FY 24
449
1
450
1
105
10
70
3
189
261
203
186
41%
404
2
406
1
111
10
61
3
186
220
183
183
45%
INR crore
%(+/-)
11%
(50%)
11%
-
(5%)
-
15%
-
2%
19%
11%
2%
Q3 FY 24
Q2 FY 24
%(+/-)
290
123
33
3
449
292
101
8
3
404
(1%)
22%
313%
-
11%
37
Consolidated Statement of Profit & Loss – 9 Months Earnings
Particulars
Total Revenue from Operations
Other Income
Total Income
Fee & Commission expenses
Employee benefit expense
Depreciation & Amortization expenses
Other Expense
Finance cost
Total Expenses
PBT
PAT
PAT for the Owners of the Company
PAT Margins (PAT Margin = PAT / Total Income)
Total Revenue from Operations
Sale of Services
Net Gain on fair value changes
Interest & Dividend Income
Rental Income
Total Revenue from Operations
9M FY 24
9M FY 23
%(+/-)
INR crore
1321
3
1324
1
323
31
192
8
555
769
621
603
46%
966
15
981
2
308
30
166
7
513
468
354
352
36%
37%
(80%)
35%
(50%)
5%
3%
16%
14%
8%
64%
75%
71%
9M FY 24
Q2 FY 24
%(+/-)
864
398
50
9
1321
862
79
15
10
966
1%
404%
233%
(10%)
37%
38
Standalone Statement of Profit & Loss – Quarterly Earnings
Q3 FY 24
Q3 FY 23
%(+/-)
INR crore
Particulars
Total Revenue from Operations
Other Income
Total Income
Fee & Commission expenses
Employee benefit expense
Depreciation & Amortization expenses
Other Expense
Finance cost
Total Expenses
PBT
PAT
PAT Margins (PAT Margin = PAT / Total Income)
346
1
347
3
88
9
41
3
144
203
150
43%
281
-
281
3
90
9
30
2
134
147
109
39%
Total Revenue from Operations
Q3 FY 24
Q3 FY 23
Sale of Services
Net Gain on fair value changes
Interest & Dividend Income
Rental Income
Total Revenue from Operations
231
104
8
3
346
226
44
8
3
281
23%
NA
23%
-
(2%)
-
37%
50%
7%
38%
38%
%(+/-)
2%
136%
-
-
23%
39
Standalone Statement of Profit & Loss – Seq. Quarterly Earnings
Q3 FY 24
Q2 FY 24
%(+/-)
INR crore
Particulars
Total Revenue from Operations
Other Income
Total Income
Fee & Commission expenses
Employee benefit expense
Depreciation & Amortization expenses
Other Expense
Finance cost
Total Expenses
PBT
PAT
PAT Margins (PAT Margin = PAT / Total Income)
346
1
347
3
88
9
41
3
144
203
150
43%
311
-
311
2
95
9
36
3
145
166
134
43%
Total Revenue from Operations
Q3 FY 24
Q2 FY 24
Sale of Services
Net Gain on fair value changes
Interest & Dividend Income
Rental Income
Total Revenue from Operations
231
104
8
3
346
233
67
8
3
311
11%
NA
12%
50%
(7%)
-
14%
-
(1%)
22%
12%
%(+/-)
(1%)
55%
-
-
11%
40
Standalone Statement of Profit & Loss – 9 Months Earnings
Particulars
Total Revenue from Operations
Other Income
Total Income
Fee & Commission expenses
Employee benefit expense
Depreciation & Amortization expenses
Other Expense
Finance cost
Total Expenses
PBT
PAT
PAT Margins (PAT Margin = PAT / Total Income)
9M FY 24
9M FY 23
%(+/-)
INR crore
1010
1
1011
8
271
28
113
8
428
583
449
44%
828
1
829
7
266
28
93
7
401
428
326
39%
22%
-
22%
14%
2%
-
22%
14%
7%
36%
38%
Total Revenue from Operations
9M FY 24
9M FY 23
%(+/-)
Sale of Services
Net Gain on fair value changes
Interest & Dividend Income
Rental Income
Total Revenue from Operations
692
285
24
9
1010
695
109
14
10
828
(1%)
161%
71%
(10%)
22%
41
Details of Consolidated Sale of Services
Q3 FY 24
Q3 FY 23
%(+/-)
9M FY 24
9M FY 23 %(+/-)
INR crore
Particulars
MF Fees
PMS Fees
SUUTI Support Service Fees
POP Fees & others
222
216
7
2
-
7
3
-
Sale of Services - UTI AMC Standalone
231
226
UTI International
UTI RSL
UTI Alternatives
Elimination
Sale of Services - UTI AMC Consolidated
32
29
3
(5)
290
33
26
2
(3)
284
3%
-
(33%)
-
2%
(3%)
12%
50%
67%
2%
666
20
5
1
666
20
8
1
692
695
93
86
6
(13)
864
98
75
4
(10)
862
-
-
(38%)
-
(0%)
(5%)
15%
50%
30%
1%
42
Consolidated Balance Sheet
Particulars
Assets:
Financial Assets
Non-Financial Assets
Total Assets
Liabilities & Equity:
Financial Liabilities
Non-financial Liabilities
Equity
Total Liabilities & Equity
9M FY 24
FY 23
%(+/-)
4,664
481
5,145
245
89
4,811
5,145
3,721
454
4,175
254
53
3,868
4,175
25%
6%
23%
(4%)
68%
24%
23%
INR crore
43
Standalone Balance Sheet
Particulars
Assets:
Financial Assets
Non-Financial Assets
Total Assets
Liabilities & Equity:
Financial Liabilities
Non-financial Liabilities
Equity
Total Liabilities & Equity
9M FY 24
FY 23
%(+/-)
3,354
464
3,818
209
73
3,536
3,818
3,171
447
3,618
225
45
3,348
3,618
6%
4%
6%
(7%)
62%
6%
6%
INR crore
44
Operating Profit Margin (bps of AAUM)
Operating Margin
Operating Expenses
Operating Revenue
Operatin g Margin
Operatin g Expenses
Operatin g Revenue
YE FY 21
12
YE FY 23
14
23
32
44
37
*9M FY 24 figures have been annualised
Operating Revenue
Operating Expenses
Operating Margin
YE FY 22
16
25
9M FY 24*
12
22
Operating Margin
Operating Expenses
Operating Revenue
Operating Margin
Operating Expenses
Operating Revenue
41
34
45
Other Subsidiaries Financial highlights
Particulars
UTI International Ltd.
UTI Retirement Solutions Ltd.
UTI Alternatives Pvt. Ltd.
INR crore
UTI Venture Funds Mgmt. Co. Pvt. Ltd.
9M FY 24
9M FY 23
9M FY 24
9M FY 23
9M FY 24
9M FY 23
9M FY 24
9M FY 23
AUM
28,282
23,826
2,85,256
2,30,560
1,943
1,644
Management Fees
Investments & Other Incomes
Total Income
Employee Benefit Expenses
Admin & Depreciation
Total Expenses
PBT
Profit after Tax
Net Worth
93
110
203
37
56
93
110
108
694
98
(15)
83
30
58
88
(5)
(7)
579
86.4
7.2
93.6
6.5
34.2
40.7
52.9
39.6
173
75.2
3.5
78.7
5.6
26.8
32.4
46.3
34.9
122
6.3
9.8
16.1
7.8
3.6
11.4
4.7
4.2
54.3
4
1.1
5.1
6.2
3.8
10
(4.9)
(3.4)
49.3
-
-
0.87
0.87
-
0.09
0.09
0.78
0.59
13.6
-
-
0.61
0.61
-
0.08
0.08
0.53
0.4
12.6
46
Consolidated Ratios
PAT Margin (%)
Return on Equity (%)
0.6
0.55
0.5
0.45
0.4
0.35
0.3
0.25
42%
40%
46%
31%
34%
24%
21%
18%
15%
12%
9%
20%
16%
16%
10%
12%
FY 20
FY 21
FY 22
FY 23
9M FY 24 *
FY 20
FY 21
FY 22
FY 23
9M FY 24 *
*9M FY 24 figures have been annualised
47
Annexures
Investor Services Key Indicators – Q3 FY 24
1.74 lakh Total Call Volume Outbound
0.65 lakh Total Call Volume Inbound
5 seconds Average Speed of Answer
0.12 lakh Live Chats offered
Contact Center
• • •
Self service IVR for NAV, SOA, Branch Locator etc. Inbound Calls for Queries and Support Outbound Calls for Leads, Call-back request, reminders etc.
• • •
Chat with Live Agent for Assistance Co-browsing for on-demand Live Assistance on Website Chatbot and WhatsApp for Conversational Enquiry, Investing & Servicing
Investor Services
Digital Transactions (own assets)
Non-Commercial Transactions
16 Total Complaints Received
1.22 crore Folios
Low Complaints Ratio against folios at 0.002%
50.80% Digital Transactions done post E-KYC are SIP Instalments
INR 5.74 crore Digital Transaction Amount capitalized post Digital KYC
2663 Digital KYC Compliant PANs created
97.70% Non-Commercial Transactions processed in the same day
80.88% Non- Commercial Transactions processed in 60 Minutes
49
Breakup of Consolidated investments
Breakdown of Total Investment
Investment in UTI MF Schemes
2,373
As on 31st December 2023
INR crore
9%
11%
Total Investments: INR 3,657 crore
15%
65%
Equity
Arbitrage
Liquid & Debt
Offshore Funds
Equity
Debt / Hybrid
Venture Funds, Other Equity etc.#
G Sec & Bonds
795
721
857
565
107
458
408
311
Mutual Funds Offshore Funds Venture funds, Other equity G Sec & Bonds
TOTAL
3,657
➢ Total Consolidated Investment as per the Balance Sheet as on 31.12.2023 is
₹ 4,229 crore, including the investments in SDOF II & III
➢ Above consolidated investment of ₹ 3,657 crore is the treasury investment of
UTI Group after eliminating the consolidation effect of SDOF II & III
#Note : Investment in equity includes investment as per regulatory mandate
50
UTI AMC Board of Directors - Composition
Geographical Representation
Board Composition
Women Directors Representation
3
7
1
3
6
2
Domestic
Overseas
Independent Directors
Women Director
Non-Executive Non-Independent Directors
51
Experienced and Independent AMC Board
Mr. Dinesh Kumar Mehrotra | Non - Executive Chairman & Independent Director Mr. Dinesh Kumar Mehrotra is the Non - Executive Chairman and an Independent Director of the Company. He has previously served as the Chairman and Managing Director of LIC. He has also served as the Executive Director of International Operations at LIC. He holds a B.Sc. (Honours) degree from the University of Patna. The shareholders approved his appointment as an Independent Director of the Company at the Annual General Meeting held on 23rd August 2017.
Mr. Flemming Madsen | Non - Executive Nominee Director Mr. Flemming Madsen is a Non - Executive Nominee Director of the Company. He was the Head of Global Financial Intermediaries at T. Rowe Price. He was Vice President of T. Rowe Price Group, Inc., T. Rowe Price International Limited and member of the EMEA Distribution Executive Committee. He was associated with T. Rowe Price for 23 years. His total 39 years’ experience in the financial industry includes Capital Markets Transactions, Investment Banking, and Asset Management. The shareholders approved his appointment as a Non - Executive Nominee Director of the Company at the Annual General Meeting held on 25th July 2022.
Mr. Narasimhan Seshadri | Independent Director Mr. Narasimhan Seshadri is an Independent Director of the Company. He has four decades of experience in the banking industry, having served two major public sector banks viz. Canara Bank and Bank of India. Prior to joining the Company, he was a Director on the Board of NPCI and the Whole - Time Executive Director on the Board of Bank of India. He holds a Master’s Degree in Commerce from the Bangalore University, Masters in Divya Prabandam M.A. (DP) from SASTRA University and Masters in Banking and Finance (MBA Banking and Finance) from IGNOU. He is a Certified Associate of the Indian Institute of Bankers. The shareholders approved his appointment as an Independent Director of the Company at the Annual General Meeting held on 23rd August 2017.
Mr. Deepak Kumar Chatterjee | Independent Director Mr. Deepak Kumar Chatterjee is an Independent Director of the Company. Prior to joining the Company, he was associated with SBI Funds Management Private Limited as the Managing Director and Chief Executive Officer and SBI Capital Markets Limited as the Executive Vice President. He was also associated with IIFCL Projects Limited as its Chief Executive Officer and IIFCL Asset Management Company Limited as a Director. He holds a B.Sc. (Honours) degree in Physics from the University of Delhi, an M.Sc. degree in Agricultural Physics from the Indian Agricultural Research Institute, New Delhi and an MBA from the University of Delhi. He is also a Certified Associate of the Indian Institute of Bankers. The shareholders approved his appointment as an Independent Director of the Company at the Annual General Meeting held on 25th September 2018.
52
Experienced and Independent AMC Board
Mr. Rajeev Kakar | Independent Director Mr. Rajeev Kakar is an Independent Director of the Company. He currently serves on the boards of various banks and financial institutions such as Eurobank Ergasias SA (Greece),Gulf International Bank (GIB Bahrain), Gulf International Bank (GIB Saudi Arabia) and Commercial International Bank (Egypt). He started his career in 1988 at Citibank NA, where he worked for 18 years and in his last role, was the Managing Director and Division Head for Turkey, Middle East and Africa region. In 2006, he moved to become the Global co-founder of Fullerton Financial Holdings Pte. Ltd., headquartered in Singapore (a wholly owned subsidiary of Temasek Holdings Pte. Ltd., Singapore), where he served for 11 years in various roles including serving on its Global Management Board, as its Executive Vice President, Head of Consumer Banking and Head of Central and Eastern Europe, Middle East and Africa region. Simultaneously, he also was the Founder of Dunia Finance LLC in UAE, where he operated as its Managing Director and Chief Executive Officer. He holds a B. Tech. degree in Mechanical Engineering from the Indian Institute of Technology, Delhi and a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad. His appointment as an Independent Director of the Company was approved by the shareholders at the Extra Ordinary General Meeting held on 16th December 2019.
Ms. Dipali Sheth | Independent Director Ms. Dipali Sheth is an Independent Director of the Company. She serves as an Independent Director on the Boards of four other companies. Prior to joining the Company, she was associated with RBS Business Services Private Limited as the Country Head of Human Resources, Standard Chartered Bank as Head of HR South Asia, Procter & Gamble Distribution Company Limited and DCM Limited. She holds a B.A. (Honours) degree in Economics from the University of Delhi, passed out from the DCM Management Centre, and is an accredited Coach from ICF and Gallup, USA. The shareholders approved her appointment as an Independent Director of the Company at the Extra Ordinary General Meeting held on 16th December 2019.
Ms. Jayashree Vaidhyanathan | Independent Director Ms. Jayashree Vaidhyanathan is an Independent Director of the Company. She currently serves as a co-founder and CEO of BCT Digital, a technology company specialising in AI and Predictive Analytics. Prior to BCT, she was associated with Scope International Private Limited as Head of Technology and Strategy and served as a partner with Accenture Services Private Limited. She has also served as an Independent Director in Altran, a US $3.2 bn Global Engineering and Innovation consulting firm and Mahindra Sanyo Steel. She holds a B.E. degree in Computer Science Engineering from the University of Madras and an MBA from Cornell University. She is also a Chartered Financial Analyst from the Association for Investment Management and Research. The shareholders approved her appointment as an Independent Director of the Company at the Extra Ordinary General Meeting held on 16th December 2019.
53
Experienced and Independent AMC Board
Mr. Kiran Kumar Tarania | Non-Executive Nominee Director Mr. Kiran Kumar Tarania is a Non-Executive Nominee Director of the Company. He is currently General Manager – Treasury Division at Punjab National Bank. He is an accomplished finance professional with over 34 years of demonstrated history of work experience in the banking industry. He has a vast experience in Treasury Management, Risk Management, Corporate Credit and General Banking. He holds a B.Com (Honours) and a Masters of Management Studies degree and is a Certified Associate of the Indian Institute of Bankers. The shareholders approved his re-appointment as a Non- Executive Nominee Director at the Annual General Meeting held on 25th July 2023.
Mr. Srivatsa Desikamani | Non - Executive Nominee Director Mr. Srivatsa Desikamani is a Non - Executive Nominee Director of the Company. He is Head of Strategy and Corporate Development at T. Rowe Price. He is a Vice President at T. Rowe Price Associates, Inc. and T. Rowe Price Group, Inc. In his current role, he oversees the development of firm wide strategy, strategic initiatives, corporate development, and merger & acquisition activities for the firm. From 2013-2021, he was at Janus Henderson group (JHG), most recently as the Global Head of Strategy and Corporate Development and an advisory member of the Executive Committee. He led the areas of corporate strategy, strategic finance, planning, and corporate development at JHG. While at JHG, he led the merger of Janus Capital Group with Henderson Plc, the acquisitions of Kapstream Inc. (Australian Fixed Income manager), VelocityShares (Exchange Traded product manager), the divestiture of Geneva Capital Management, and other significant strategic ventures. Prior to Janus Henderson, he was at McKinsey & Co. in New York, where he served a variety of global asset management, banking, and financial services firms and was a leader in the asset management vertical within Financial Services. He has a bachelor’s degree, in engineering from Birla Institute of Technology and Science in Pilani, India, MS in Computer Science from the University of Delaware, and M.B.A. from the Tuck School of Business, Dartmouth. He has more than 15 years of asset management and financial industry experience. The shareholders approved his appointment as a Non-Executive Nominee Director at the Annual General Meeting held on 25th July 2023.
Mr. Imtaiyazur Rahman | Managing Director & CEO Mr. Imtaiyazur Rahman is the Managing Director & Chief Executive Officer of the Company. He has more than three decades of experience in management, business leadership, leading change and forming strategic alliances. He joined the UTI Group in 1998 as part of UTI Investor Services Ltd. and joined UTI AMC Ltd. in 2003. He was also the CFO of the Company from 2005. In his role as Group President & Chief Finance Officer, he headed the functions of Finance, Accounts, Taxation, Information Technology, Board related matters, Offshore funds, Alternate Investments and Portfolio Management Services. He is a Science graduate, Fellow member of Institute of Cost Accountants of India and Institute of Company Secretaries of India, Certified Public Accountancy (USA) and GAMP from Indian School of Business & Kellogg School of Management. He has completed the Leadership programme - “Leading for Results” from INSEAD (France). He has been awarded ESG Competent Board’s Global Certification and Designation. He has also been conferred an Honorary doctorate degree, D.Litt., by the ITM University, Raipur. He has successfully completed programs on “Making Corporate Boards more Effective”, “Compensation Committees-New Challenges, New Solutions” and “Audit Committees in a New Era of Governance” from the Harvard Business School. Mr. Rahman is on the Board of UTI International (Singapore), UTI Venture Funds Management Co. Pvt. Ltd., UTI Alternatives Pvt. Ltd., UTI Retirement Solutions Ltd. and IndianOil Adani Ventures Ltd. Mr. Rahman is the Chairperson for the FICCI Task Force on ESG for 2023. He is also a member of the CII National Committee on Financial Markets; CII Financial Sector Development Council 2022-23; and Banking & Finance Committee of IMC Chamber of Commerce & Industry. He was on the Board of Association of Mutual Funds in India (AMFI) and is presently a permanent invitee to the AMFI Board Meetings. Prior to joining the Company, he was associated with Sumeet Machines Ltd, Leasing Finance India Ltd, Bells Controls Ltd, New India Rubber Works (P) Ltd. and S. Gupta & Co.
54
Disclaimer
This presentation is for information purposes only and does not constitute a prospectus, an offering circular, an advertisement, a private placement offer letter or offer document or an offer or the recommendation or solicitation of an offer or invitation to purchase or sell any securities of UTI Asset Management Company Limited or its subsidiaries or its associates (together, the “Company”) under the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, or any other applicable law in India, the United States, or any other jurisdiction. This presentation has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. Please note that for ease of understanding and calculations purposes, figures are rounded off to the nearest number while presenting figures in crores, lakhs, thousands or trillion, billion and million. In view of the rounding off, any calculations representing growth in % may not tally as it is derived from the underlying number. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, estimates, projections, opinions or conclusions expressed herein. This presentation should not be used as a basis for any investment decision. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. The statements contained in this presentation speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and the respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. Past performance may or may not be sustained in future and should not be considered as, indicative of future results. The presentation may contain information about UTI Mutual Fund which has to be read and understood in the context of the Company’s business, its operations and performance, and should not be construed as any form of communication / advertisement of UTI Mutual Fund. The information contained in this presentation is strictly confidential and is intended solely for your reference and shall not be reproduced (in whole or in part), retransmitted, summarized or distributed to any other persons without the Company’s prior written consent. Any extraneous or inconsistent information or representation, if given or made by any person, should not be relied upon as having been authorized by or on behalf of the Company. This presentation may contain, words or phrases like “will”, “aim” “believe”, “expect”, “projects”, “plans”, “will continue”, “anticipate”, “intend”, “estimate” and similar expressions or variations of these expressions, that are “forward-looking statements that involve risks and uncertainties and are based on certain beliefs, plans and expectations of the Company. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Although the Company believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of, and changes in, India’s political and economic status, government policies, applicable laws, global capital markets, the mutual fund industry in India, pandemics and international and domestic events having a bearing on the Company’s business, and such other factors beyond the Company’s control. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current views of the Company’s management on future events. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice or a recommendation regarding the securities. None of the Company or any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss or damage howsoever arising from any information presented or contained in this presentation. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. The information contained herein does not constitute an offer of securities for sale in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Before acting on any information you should consider the appropriateness of the information having regard to these matters, and in particular, you should seek independent financial advice. This presentation is not an advertisement under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and is not intended to influence investment decisions of any current or prospective investors of the schemes of UTI Mutual Fund. Definitions AUM refers to Assets Under Management as on end of any given month/period MAAUM refers to a given month’s average Assets Under Management QAAUM refers to a given quarter’s average Assets Under Management AAAUM refers to a given year’s average Assets Under Management Unless otherwise stated, the above definitions are used for Mutual Fund Assets under management Total AUM refers to the total Assets Under Management of UTI Asset Management Company Limited Other AUM refers to the AUM Under Management other than Mutual Fund AUM
55
THANK YOU
REGISTERED OFFICE:
UTI Tower, 'Gn' Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Phone: 022 – 66786666.
UTI Asset Management Company Limited (Investment Manager for UTI Mutual Fund)
E-mail: invest@uti.co.in
Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.
56