First time in the history of Mutual Fund industry NRIs will be able to invest using Dirham cheques. UTI MF launches three-year close-ended UTI-Infrastructure Advantage Fund-Series I in the UAE market. The subscriptions close on December 19, 2007. Minimum investment is INR 5000

14 November 2007, Dubai: UTI Mutual Fund (UTI MF) announces its partnership with Standard Chartered Bank, one of the leading international banks in the UAE as the formal authorizer for opening and managing its  New Fund Offer (NFO) applications in the UAE.

This unique partnership will, for the first time in the history of Mutual Fund industry enable Non-Resident Indians (NRIs) in the UAE to invest in a Mutual Fund using Dirham cheques.

UTI MF also announced the launch of its latest scheme to the market on 12 November -  UTI-Infrastructure Advantage Fund-Series I. The NFO units are available for purchase only during the NFO period which closes on 19 December.

UTI - Infrastructure Advantage Fund-Series I is a three year close-ended Equity Scheme with an investment objective to provide income distribution and /or medium to long term capital appreciation by investing predominantly in equity / equity-related instruments in the companies engaged either directly or indirectly in the infrastructure growth of the Indian economy.

Speaking at a press conference on the significance of the agreement, Mr. Jaideep Bhattacharya, Chief Marketing Officer of UTI Asset Management Company (AMC) said: "We are delighted to announce this unique partnership with Standard Chartered Bank. The partnership offers ultimate convenience to NRI investors who can now have the option to subscribe to our latest NFO by paying through their Dirham accounts without transferring money from Dirham to Rupee which can be  time consuming." 

"The partnership with Standard Chartered Bank reflects UTI MF's strategy to offer multiple access points to NRIs in the UAE. Standard Chartered Bank is a dominant market leader in several markets across the Middle East that has demonstrated real local expertise. We propose to gradually extend this facility to NRIs across the Middle East leveraging from their network and capabilities," he added. 

Mr. Azeem Rahim, Regional Head of Transaction Banking, MENA, Standard Chartered Bank said: "'This agreement is a significant step for Standard Chartered, demonstrating our commitment to meeting the diverse financial needs of the NRI customers in this market. Our Deira, Emaar Business Park and Mankhool Road branches in Dubai will accept NFO applications from NRIs with immediate effect."

The UTI-Infrastructure Advantage Fund-Series I will invest in sectors that include Construction, Energy, Engineering, Metals, Power, Telecom, Transportation and Airports.

UTI MF has a track record of managing an existing fund in the Infrastructure sector, which has been rated as a five star fund by Value Research and CPR1 by CRISIL.

Salient Features of UTI- Infrastructure Advantage Fund-Series I
Eligible Investors: The Fund is open to resident individuals, institutions as well as to NRIs and Foreign Institutional Investors.

Maturity of the Fund: The duration of the Fund is three years from the date of allotment.

Minimum Application Amount: Minimum investment is INR 5000 and there is no upper limit.

Purchase Price: Units can be purchased only during the NFO period at the face value of INR 10 per unit

Redemption Price: The Fund will offer for redemption/switch out of units within 6 months from the closure of the NFO and thereafter on an ongoing basis at Net Asset Value (NAV) based prices on every business day

Asset Allocation Pattern

Options: Growth Option and Dividend Option with payout facility

Load Structure :

Entry Load: The scheme, being a close-ended scheme, is not permitted to charge Entry Load

Exit Load: NIL
An early exit charge equivalent to the unamortized NFO expenses will be recovered from the investor in case of redemption before the expiry of 3 years from the date of allotment.

Benchmark Index:  BSE 100

-Ends-

About UTI Mutual Fund
UTI Mutual Fund is a Securities & Exchange Board of India registered mutual fund whose sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.

UTI Mutual Fund has assets under management of Rs.45002.62 crore and investor accounts of over 8 million under its 75 domestic schemes (as of September 30, 2007).

UTI Mutual Fund has a wide distribution network comprising 79 Financial Centers (UFCs), 301 Chief Representative offices, 155 Chief Agents and 30540 AMFI certified Financial Advisors. UTI Mutual Fund also reaches its investors through several Banks and Department of Post.

UTI Mutual Fund also has a presence in London, Dubai and Bahrain through its wholly owned subsidiary UTI International Ltd.

About Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.

Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.

As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.

With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.

Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.

Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.

Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.

For further information please contact:
Patricia Bentham
Head of Corporate Affairs
Standard Chartered Bank
UAE
Tel: +971 (0) 4 5070548
Fax: +971 (0) 4 3594174
Mobile: +971 (50) 3174665
Email: Patricia.Bentham@ae.standardchartered.com

© Press Release 2007