UTI AMC plans to set up private debt fund; forms team

UTI Asset Management Company today said it will set up a private debt fund to augment its portfolio and a team led by Rohit Gulati has been formed for the new business vertical.

Gulati has been appointed as Managing Partner at UTI Capital, Shaurya Arora as Partner and Sumit Khandelwal as Principal with effect from March 1. Earlier, the trio worked together at Religare Capital Markets for over six years.

Gulati joined UTI Capital from Religare Capital Markets where he was Managing Director and head of investment banking.

At UTI Capital, the team will establish a UTI-sponsored private debt fund to exploit several credit arbitrage opportunities that currently exist in the Indian market.

"Private debt is at the cusp of significant growth in India and diversification into that segment is an attractive opportunity for UTI Asset Management Company (AMC).

"I am confident that alternate credit investments will be a material business for UTI Capital and I am delighted to bring on board Gulati and his team to help build out this new business vertical for us," UTI AMC Managing Director Leo Puri said in a statement.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)