Axis MF looks to manage Rs 100b assets, plans global foray
Monday, 31 May 2010
NEW DELHI, May 30 (PTI): Private player Axis Mutual Fund is aiming at more than doubling the size of assets under its management to Rs 100 billion by March-end and is looking at entering the overseas markets next year.
"We will come out with a new fund for overseas market named Foreign Currency Denominated Fund by early next fiscal ... This year we expect our AUM to touch Rs 100 billion," Axis AMC Managing Director and CEO said.
"The fund would be based outside India wherein overseas investors will be able invest in the fund which would in turn invest in Indian equities," he added. Axis MF currently has a distribution centre in Dubai.
On Axis MF's India plans, he said, "We hope that our investor base will double to 3 lakh by the end of the current fiscal... We expect our AUM (assets under management) to touch Rs 100 billion by then."
Axis, which got Sebi approval for MF business in September, 2009, currently has AUM size of around Rs 40 billion. It already has seven schemes in the market, which it expects to increase to 10 by March 31, 2010.
Anand said, the fund would be among top 10 players in the country within a few years.
The fund house would launch two or three more products during this fiscal and they would be a mix of debt and equity.
"We already have product approval for Axis Triple Advantage Fund which we plan to launch next month," Anand said, adding that besides the launch of new products, the company would file for three more products.
The Axis Triple Advantage Fund would be a hybrid fund that would invest 30-40 per cent each in equity and fixed income product, and the rest in gold.
"We will come out with a new fund for overseas market named Foreign Currency Denominated Fund by early next fiscal ... This year we expect our AUM to touch Rs 100 billion," Axis AMC Managing Director and CEO said.
"The fund would be based outside India wherein overseas investors will be able invest in the fund which would in turn invest in Indian equities," he added. Axis MF currently has a distribution centre in Dubai.
On Axis MF's India plans, he said, "We hope that our investor base will double to 3 lakh by the end of the current fiscal... We expect our AUM (assets under management) to touch Rs 100 billion by then."
Axis, which got Sebi approval for MF business in September, 2009, currently has AUM size of around Rs 40 billion. It already has seven schemes in the market, which it expects to increase to 10 by March 31, 2010.
Anand said, the fund would be among top 10 players in the country within a few years.
The fund house would launch two or three more products during this fiscal and they would be a mix of debt and equity.
"We already have product approval for Axis Triple Advantage Fund which we plan to launch next month," Anand said, adding that besides the launch of new products, the company would file for three more products.
The Axis Triple Advantage Fund would be a hybrid fund that would invest 30-40 per cent each in equity and fixed income product, and the rest in gold.