Currently, the UTI India Dynamic Equity Fund is registered for sale in the UAE only, within the GCC region. UTI International, the offshore arm of UTI AMC, one of the largest asset management firms based in India, is planning to register its flagship fund – India Dynamic Equity Fund (IDEF) — across other countries in the GCC region this year, a spokesperson of the firm told Citywire Middle East. At present, IDEF is registered for sale in the UAE only, within the GCC region, along with two more funds – India Balanced Fund and Indian Fixed Income Fund. Over one year period ending Jan. 31, 2021, the AUM of IDEF has more than doubled to $688.15 million from $342.72 million in Jan. 31, 2020. “We are seeing renewed interest for India and most of the banks in the region have also upgraded India in their investment focus. Our flagship fund, IDEF, will be registered this year across GCC,” Mahesh Natarajan, Head – Middle East and Africa, UTI International Private Limited, said. He added the firm is also working with partners to navigate the regulatory landscape in the region. “The GCC has strong historical linkages with India and have been strong partners in economic growth.” In pipeline Going forward, UTI plans to register other two funds as well — India Balanced Fund and Indian Fixed Income Fund – across the region. “Other funds will also follow the registration process, in due course, as the interest in India picks up. We are also in the process of tying up with new partners, distribution networks in GCC,” Natarajan said. “We have few good partners/distributors in other countries in GCC and are looking to expand our network. With interest in India rising, it makes commercial sense to work with more distribution led activities to increase our reach and thus register our funds in multiple countries.” Apart from these three funds, UTI has one more fund registered in UAE – Emirates India Equity Fund, a white label fund, in partnership with Emirates NBD Asset Management. Natarajan said there are plans to register this fund as well across GCC in due course. “We will work along with them [Emirates NBD Asset Management] to expand into other markets and regions. Our current focus is their own in-house distribution network to grow the AUM,” he said.
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