T. Rowe Price takes UTI Asset stake
Baltimore-headquartered $366.2 billion mutual fund giant T. Rowe Price Group has picked up 26% of UTI Asset Management, India’s fourth largest asset manager, and UTI Trustee Company for $142.4 million, making it the company’s single largest shareholder.
Existing stakeholders State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India each sold 6.5% to T. Rowe Price, and will each retain an 18.5% stake in UTI Asset...
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