UTI Mutual Fund came into existence on 1st February 2003. Bank of Baroda (BOB), Punjab National Bank (PNB) and State Bank of India (SBI) and Life Insurance Corporation of India (LIC) are the sponsors of the UTI Mutual Fund. UTI Mutual Fund is managed by UTI Asset Management Company Private Limited (AMC). UTI AMC is a registered portfolio manager under the SEBI (Portfolio Managers) Regulations, 1993 for undertaking portfolio management services and also acts as the manager and marketer to offshore funds. UTI Mutual Fund has a nationwide network consisting 70 UTI Financial Centers (UFCs) and UTI International offices in London, Dubai and Bahrain. The fund has a track record of managing a variety of schemes catering to the needs of every class of citizenry.