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UTI ASSET MANAGEMENT COMPANY LIMITED

FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES

CONSOLIDATED FINANCIAL STATEMENTS OF UTI ASSET MANAGEMENT COMPANY LIMITED

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UTI International Limited

UTI International Limited - Image
USD 3.65BILLION (INR 26,822 CRORE)

Total AUM (as on 31 March 2021) Growing by ~70% (from USD 2.09 Billion in March 2020) (INR 15,765 crore)

GBP 22.53MILLION

Gross Income for 2020-21 against GBP 1.31 Million in 2019-20

GBP 14.65MILLION

Net Profit for 2020-21against a net loss of GBP 5 .77 Million in 2019-20

Ajay Tyagi - Head of Equities at UTI Asset Management

Mr. Ajay Tyagi Fund Manager –
International Equity and
Domestic Equity Funds

The offshore interests of UTI AMC are managed by UTI International Limited (UTI International), a 100% subsidiary of UTI AMC. UTI International was incorporated as a limited liability company under the laws of Guernsey on 30 January 1996. It is regulated by the Guernsey Financial Services Commission.

UTI International comprises of two subsidiary entities:

  • UTI Investment Management Company Mauritius Limited, Mauritius, regulated by Financial Services Commission of Mauritius
  • UTI International (Singapore) Pte Ltd (UTIIS) which holds a full Capital Market Services license and is regulated by the Monetary Authority of Singapore

In addition, UTI International has a branch office in London, regulated by the Financial Conduct Authority of UK and UTIIS has a branch office in Dubai, located in DIFC and is regulated by the Dubai Financial Services Authority. The offshore business has 26 employees based across the three offices located in Singapore, Dubai and London. From these offices, it caters to Institutional (B2B) and Distribution (B2B2C) clients in Asia, Europe and Middle East.

This company is chiefly engaged in the Investment Management of Equity and Debt Funds as authorised by its Memorandum of Incorporation. UTI International’s products are primarily managed by the Investment team at UTI AMC – across Equity, Fixed Income and Private Debt. Additionally, it also manages some opportunistic yield products like Fixed Maturity Plans (FMPs) for international clients. The company’s most substantial growth has come from Europe, particularly in the All Cap Equity fund. It also manages fund structures in the following jurisdictions to meet varying client demands:

  • Ireland (UCITS)
  • Singapore
  • Mauritius
  • Cayman Islands
  • Dubai (DIFC)

The Offshore business has clients spread across 35 countries and are primarily institutions – Pension, Insurance, Banks and Asset Managers.

UTI Retirement Solutions Limited

UTI Retirement Solutions Limited Image

UTI Retirement Solutions Limited (UTI RSL) was incorporated by UTI AMC on 14 December 2007 under the Companies Act 1956, for managing the pension assets under the National Pension System (NPS). It is a 100% subsidiary of UTI AMC.

The company was appointed by Pension Fund Regulatory & Development Authority (PFRDA) as one of the Pension Fund Managers to manage the Pension Assets/Funds of Central Government Employees, State Government Employees and the Private Sector NPS Subscribers under the National Pension System (NPS). It started its operations from 1 April 2008.

This company was amongst the first set of companies, along with LIC and SBI, established for managing Pension Funds under NPS. As a result, it enjoys the first-mover’s advantage in the pension sector.

The company’s Assets Under Management (AUM) have grown rapidly since the start of its operations. It has strong experience as a Fund House to run and manage Retirement Plans that have given reasonable market-related returns. UTI RSL draws its expertise of Fund Management activity from its parent company.

INR 1,66,210CRORE

Total AUM (as of 31 March 2021)

INR 19.63CRORE

Gross Income for 2020-21 against INR 14.25 crore in 2019-20

28.75%

Overall Market Share National Pension System under (NPS)

INR 3.78CRORE

Net Profit for 2020-21against INR 4.36 crore in 2019-20

UTI Venture Funds Management Company Private Limited

UTI Venture Funds - Thumbnail Image

UTI Venture Funds Management Company Private Limited (UTI VF) was incorporated on 27 March 2001, under the Companies Act, 1956, at Bengaluru, Karnataka. The company is registered with SEBI as a Venture Fund Management Company. It has a subsidiary, UTI Private Equity Limited, engaged in Investment Holding as authorised by the Financial Services Commission. However, UTI Private Equity Limited, Mauritius is under the process of winding up under section 309 (1)(d) of Companies Act, 2001.

The principal business of UTI VF is to manage venture capital funds and private equity funds. The company has been creating value for its portfolio companies by providing industry knowledge, access to local talent and through its business network in the Indian and overseas markets.

INR 2.19CRORE

Gross Income for 2020-21against INR 0.74 crore in 2019-20

INR 1.30CRORE

Net Profit for the year ended 31 March 2021, as against a Net loss of INR 0.47 crore in 2019 - 20

UTI Capital Private Limited

UTI Capital Private Limited - Image

UTI Capital Private Limited (UTI CPL) was incorporated on 13 May 2011, under the Companies Act, 1956, at Mumbai, Maharashtra. It is a 100% subsidiary of UTI AMC and is mandated to manage and grow Private Capital investment management business. As of 31 March 2021, UTI CPL has four funds under management or advisory, which are:

  • UTI Structured Debt Opportunities Fund I - Launched in August 2017 and final close in May 2019 - Total commitments of INR 695 crore (In Commitment Period)
  • UTI Structured Debt Opportunities Fund II - Launched in September 2020 - Total commitments of INR 447 crore (Final Close Not Yet Announced)
  • India Infrastructure Development Fund - Total assets of INR 205 crore (In Exit Period)
  • Pragati India Fund - Total assets of INR 27 crore (In Exit Period)

The Audited Statements of Accounts of the subsidiary companies, together with the Reports of their Directors and Auditors, for the period ended on 31 March 2021, are attached to this Annual Report. None of the companies became or ceased to be subsidiary during the year 2020-21. The Company did not have any Associate or Joint Venture Company as on 31 March 2021.

INR 1,576CRORE

Total AUM

INR 9.16CRORE

Gross Income for 2020-21 against INR 8.04 crore in 2019-20

INR 0.18CRORE

Net Profit for 2020-21against a Net Loss of INR 1.43 crore in 2019-20