Mumbai: In a major acquisition, UTI Asset Management Company (UTI MF) today (Feb 5, 2004) took over all the schemes of IL&FS Mutual Fund having assets under management (AUM) of over Rs 2,400 crore, making UTI MF the largest fund house in the country.

The combined AUM of the UTI MF and IL&FS schemes would be over Rs 22,400 crore, IL&FS said in a release.

"Through this acquisition, UTI MF has further consolidated its leadership position in the Indian MF industry and entire acquisition process is expected to be over in next four months," UTI MF chairman and managing director M Damodaran said.