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.
Tax Plan is one of the better performing schemes from Religare Asset Management. Existing investors can redeem their investment after three years. But given the scheme's performance, they can continue to stay invested Given the mandated lock-in period of three years, tax saving schemes give the fund manager the leeway to invest in ideas that may take time to nurture. Religare Tax Plan's investment ideas revolve around 'High Growth', which the fund manager has aimed to achieve by digging out promising stories/businesses in the mid-cap segment. Within the space, consumer staples has been the centre of attention for the last couple of years and can be seen as one of the key reasons for the scheme's outperformance as compared to the broader market. It has, however, tweaked its focus and reduced exposure in midcaps as they were commanding a high premium. The strategy seems to have worked as it returned a 22% gain last year. Religare Tax Plan has outperformed BSE 100...
