UTI AMC - Valuations Trailing Business Recovery: ICICI Securities Initiates Coverage
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UTI Asset Management Company Ltd.’s predecessor Unit Trust of India is a pioneer and one of the oldest brands in India’s mutual fund industry with a heritage of more than 55 years.
Currently, with a 5.6% share of total asset under management in India in nine months FY21, it ranks eighth in the mutual fund industry.
The company has lost equity AUM market share from 8.7% in FY15 to 4.6% in nine months FY21 and its debt AUM market share from 7.7% to 4% in the same timeframe.
This has resulted in its average asset under management remaining stagnant at ~Rs 1.5-1.6 trillion as at December 2020, but overall revenue yield declining from 57 basis points in FY18 to 47bps in FY20.
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