US fund house T.Rowe Price, which manages $366 billion in assets, is bullish on

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India, and is confident that its investment in the country will pay rich dividends.

“I am not a fund manager (to judge the market). But, in my interactions with my team suggests that the market is nowhere near the peak,” said Edward C Bernard, vice chairman, T.Rowe Price Group.

He said the fund managers at T.Rowe Price were experts in identifying emerging companies.

The Baltimore-based fund bought 6.5 per cent stake each from UTI MF’s four shareholders viz., Life Insurance Corporation of India (LIC), State Bank of India (SBI), Punjab National Bank and Bank of Baroda.

“The UTI investment also reflects our firm's commitment to sustaining the global expansion of our investment management, distribution, and related services capabilities. T. Rowe Price has seen a sharp expansion in its global investment capabilities and investor base over the past decade, and the firm is well positioned to take advantage of attractive growth opportunities overseas," said James AC Kennedy, CEO and president of T.Rowe Price.

“This collaboration between two of the leading players in the asset 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,” said UK Sinha, chairman and managing director of UTI AMC.