T. Rowe Price (TROW) to Acquire 26% Stake in UTI Asset Management Company
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T. Rowe Price Group (Nasdaq: TROW) has entered into definitive agreements to acquire a 26% stake in UTI Asset Management Company Limited and UTI Trustee Company Pvt. Ltd. for INR 6.5 billion (approximately $138 million based on current exchange rates). The transaction is subject to receipt of requisite regulatory approvals and is expected to close in the fourth quarter of 2009.
UTI Asset Management Company (UTI) is the fourth largest asset manager in India and the country's oldest mutual fund institution. With approximately US $17.2 billion in average assets under management in October (10.1% market share of the mutual fund industry in India), UTI serves more than 9.75 million individual and institutional investor accounts in India and offers a broad array of domestic fixed-income and equity mutual fund strategies. T. Rowe Price is acquiring its stake from the existing stockholders.
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