NEW DELHI: Tata Investment Corporation and UTI Asset Management Company (UTI AMC) have denied a news report of Tata Group buying a majority stake in the state-owned asset management company. In a statement to the BSE, both companies said they were not part of any such negotiations mentioned in the news report. A report published in one of the news outlets claimed Tata had received in-principal approval from the other big investor in the AMC - global investment management firm T Rowe Price Group, which holds around 23%.
“We would like to clarify that Tata Investment Corporation is not aware of any information on the aforementioned news item and hence unable to comment on the same,” said Tata Investment Corporation in a statement to the BSE. “We are cognizant of our disclosure obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and as and when matters arise that require disclosure, the Company will fully comply with its obligations under the SEBI Listing Regulations and make appropriate disclosures,” it added. UTI AMC said it was not aware of any material impact of this news article.
“The company is not part of any such negotiation/events as mentioned in the news report. The company has not taken any decision on the transaction as mentioned in the news item and as such no disclosure is required to be made under Regulation 30 of the Listing Regulations,” said UTI Asset Management Company in a filing to the BSE.
The news of the stake sale has generated interest in the asset management sector as Tata Group has a presence in this sector through its subsidiary Tata Asset Management Company (Tata AMC). According to the Association of Mutual Funds in India, as on September 2022, UTI MF has an Asset Under Management(AUM) of Rs 2.34 lakh crore and ranks eighth while Tata AMC is in 13th position with an AUM of Rs 91,284 crore.
UTI MF assets under management at Rs 2.34L cr
According to the Association of Mutual Funds in India, as on September 2022, UTI Mutual Fund has an Asset Under Management(AUM) of Rs 2.34 lakh crore and ranks eighth while Tata asset management company is in 13th position with an AUM of Rs 91,284 crore.