T Rowe Price steps into India
US-based investment manager T Rowe Price is set to acquire a stake in Indian-owned UTI Asset Management Company.
The group is purchasing a 26 per cent share worth approximately US$138 million in UTI, India’s fourth largest asset manager and its “oldest mutual fund institution”, which offers domestic fixed income and equity mutual fund strategies.
T Rowe Price chief executive James Kennedy said the acquisition would allow the group the opportunity to “participate directly in the tremendous growth potential of India’s asset management industry”.
“India’s economic growth rate is second only to China’s among large economies and its working-age population is expanding rapidly. The country’s high savings rate and demographics favour strong growth in mutual fund investing over time.”
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