US-based investment management firm T Rowe Price is reportedly poised to hike its stake in UTI Trustee Company to 51 per cent from 26 per cent, indicating that the American asset manager wants to gain controlling authority at India’s eighth-largest mutual fund. T Rowe Price, which has a 26 per cent stake in UTI Mutual Fund, will acquire a portion of the shareholding of Life Insurance Corporation (LIC), State Bank of India (SBI) and Bank of Baroda (BoB) in the trustee company, two people with direct knowledge of the development told ET . “This is not something that we’re able to comment on,” a spokesperson for T Rowe Price told the financial daily. The move assumes significance as a higher holding in the trustee company provides the US-based shareholder of UTI Mutual Fund the right to appoint directors on the board of the trustee firm and also indirectly control operations of the mutual fund. Plus, the domestic shareholders will exit the board of UTI Trustee, the publication ...
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