The Union Bank of India (UBI) would set up an asset management company in partnership with a Belgian firm early next year, a top official of the bank said on Saturday. "The process of establishing the asset management company is at an advance stage. The new company will soon be incorporated. We are working out the business plan. It might happen early next year," bank executive director S C Kalia told reporters here. Kalia said UBI would launch the second phase of its customercentric navnirman programme to become one of the top three public sector banks in the country by 2012. He said the bank was targeting to achieve Rs 2,85,000 crore business by March 2010. As on September 30, 2009, the operating profit of the bank stood at Rs 810 crore and net profit was at Rs 505 crore. The bank has an ambitious plan to open 500 more branches across the country and enhance its global footprints, he said. At present, the bank has only one overseas branch in Hong Kong.
Being a part of the Tata group, the fund has the backing of a very trusted brand name with strong retail connect. While the current CEO has done an excellent job in leveraging the Tata brand name to AMC's advantage, it is ironic that this was just not capitalised on at the start. Incorporated in 1995, Tata Mutual Fund remained an 'also-ran' fund house for around eight years. Till March 2003, it had a little over Rs 1,000 crore in assets and 19 AMCs were ahead of it. But soon after that the equation changed. It was the fastest growing fund house in 2004 and 2005. During these two years, it aggressively launched six equity funds, two debt funds and one MIP. The fund house as of now stands at No. 8 in terms of asset size. This fund house has a lot to offer by way of choice. And, it also has a number of well performing schemes. Tata Pure Equity, Tata Equity PE and Tata Infrastructure are all good funds. It also has quite a few good debt funds. The funds of Tata AMC are known to...
