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T. Rowe Price to acquire stake in UTI

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T. Rowe Price has entered into definitive agreements to acquire a 26 per cent stake in UTI Asset Management and UTI Trustee for INR6.5bn (USD138m).

The transaction is subject to receipt of requisite regulatory approvals and is expected to close in the fourth quarter of 2009.

UTI Asset Management is the fourth largest asset manager in India and the country’s oldest mutual fund institution.

With approximately USD17.2bn in average assets under management in October (10.1 per cent market share of the mutual fund industry in India), UTI serves more than 9.75 million individual and institutional investor accounts in India and offers a broad array of domestic fixed-income and equity mutual fund strategies.

T. Rowe Price is acquiring its stake from the existing stockholders.

James A.C. Kennedy (pictured), chief executive officer and president of T. Rowe Price, says: "This provides T. Rowe Price with an opportunity to participate directly in the tremendous growth potential of India’s asset management industry. India’s economic growth rate is second only to China’s among large economies and its working-age population is expanding rapidly. The country’s high savings rate and demographics favour strong growth in mutual fund investing over time."

U.K. Sinha, chairman and managing director, UTI Asset Management, says: "We look forward to a long and fruitful partnership with T. Rowe Price. This relationship between two of the leading players in the investment management industry will help leverage UTI AMC’s in-depth knowledge of Indian markets with the global best practices, systems and processes of T. Rowe Price.

"We anticipate significant synergies over time with T. Rowe Price in fund management, research, product development and technology and look forward to offering sophisticated products and services to our investors."

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