T Rowe Price acquired a 6.5% stake from each of the original four stockholders, State Bank of India, Punjab National Bank, Bank of Baroda,and Life Insurance Corporation of India, who will each retain an 18.5% stake in UTI Asset Management Company.
Mumbai, India-based ICICI Securities has represented T Rowe Price in the transaction.
Baltimore-based T Rowe Price Group is a global investment management organization . It provides an array of mutual funds, sub-advisory services and separate account management for financial intermediaries, individual and institutional investors, and retirement plans.
UTI Asset Management Company serves more than 10 million individual and institutional investor accounts in India through its 74 domestic fixed-income and equity mutual fund strategies.
