UTI Mutual Fund to go public by this fiscal end

The country's leading fund manager UTI Mutual Fund is likely to enter the capital market with its public issue by the end of current fiscal and has already got the approval from its board for the IPO.

UTI Mutual Fund sponsors comprises State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India holding 25 per cent stake each.

……..currently the fund house manages total assets of more than 40,000 crore.

On proposal to manage government's pension fund of over Rs 1,500 crore, he said: "We will make one more presentation to Pension Fund Regulatory and Development Authority shortly and we are hopeful to be selected as one of the manager." Besides UTI AMC, the other shortlisted entities are SBI, LIC and IDBI Capital.

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Reliance Capital to start consumer finance biz

Reliance Capital, which is present in mutual fund, insurance, stock broking and private equity space, said it will start its consumer finance business shortly.

"We will start the consumer finance business shortly," Reliance Capital Chairman Anil Ambani said while addressing the shareholders at the company's AGM.

While denying any move to become a bank, he said the company may consider promoting or acquiring a bank if policy permits.

The company would also ramp up it work force to 50,000 in the next two years, Ambani said.

Reliance Capital group company -- Reliance Money has emerged as the largest money transfer company in private sector recently.

Reliance Money, an electronic transaction platform, offers wide range of asset classes. It provides a single window access to equities, commodity derivatives, mutual funds, IPOs, life and general insurance products, offshore investments, money transfer, money changing and credit cards.