T Rowe Price backs Indian equity fund

One of India's largest asset management firms is bringing a UCITS-compliant Indian equity fund to UK investors in the late summer, hosted by T Rowe Price.

UTI Asset Management, the oldest mutual fund group in India with $15bn (£9.27bn) in AUM, will launch the UTI TRP India fund as a T Rowe Price Luxembourg SICAV. In January 2010, the US fund house acquired a 26% stake in UTI and, at the time, said expanding the Indian equity group’s capabilities overseas was a key strategy for the investment. The new fund will be based on the existing long-only UTI India fund, a flagship vehicle for the group, and run by the same manager, Venkatachalam Srivatsa. The UTI India fund was launched in 1986 and has $65m under management. At the end of Apri...