which changed into known as LIC Nomura AMC previous to the go out of its japanese companion early this yr, is now aiming to be many of the pinnacle 3 fund houses inside the subsequent three years.
With an AUM of Rs 14,000 crore, LIC Mutual Fund is ranked 18th inside the enterprise and it’ll should gothe mystical figure of Rs 1 trillion to be a few of the pinnacle 3 fund houses within the us of a.
The re-branding exercising has been performed submit the exit of Nomura, which had 35 consistent withcent stake in the company due to the fact that its inception five years in the past.
GIC Housing Finance and agency bank are the 2 new companions within the joint undertaking, whereasLIC Housing Finance will retain with the partnership via enhancing its stake inside the corporation.
The modern-day shareholders of LIC Mutual Fund are LIC (45 consistent with cent stake), LIC Housing Finance (39.three according to cent), GIC Housing Finance (eleven.7 in keeping with cent) and companybank (4 according to cent).
“i am happy to notice that LIC Mutual Fund aspires to be among top 3 gamers in the MF industry,” LIC chairman S ok Roy stated at the same time as unveiling the re-branding of the fund house on Wednesday.
“we’re confident that this re-invention of such an iconic emblem will leverage its experienced and credible ethos, even as nevertheless being relevant to offer times for the smart younger traders of these days,” he delivered.
LIC Mutual Fund has emerged as one of the fastest growing mutual fund businesses in terms of AUM bywitnessing a tremendous 41.26 in keeping with cent increase inside the January-March area from the yr–ago duration.
“At LIC MF, we’ve set a target to reap AUM of Rs 25,000 crore by March 2017 and Rs 1 trillion oversubsequent 3 years,” LIC MF whole-time Director and leader govt Sarojini Dikhale instructed PTI.
“We aspire to be amongst top three gamers over subsequent 3 years either by way of way of inorganicboom or in an natural manner,” she said.
At present, the fund house has 25 open-ended merchandise in its bouquet of offerings. four greatermerchandise are pending with the regulator for approval.
moreover, the agency is making plans to aggressively decorate its network through partnering withcountrywide distributors and banks.
As of now, LIC MF has tie-u.s.with seven national vendors and banks.
“via March, 2017, we are making plans to have tie-u.s.a.with 10 country wide distributors and 5-6 banks,” she stated.
The fund residence additionally plans to launch some fairness and debt merchandise like arbitrage and small-cap budget.
“we’re searching at launching a few fairness and debt merchandise to fill the gap in our product offering,” Dikhale stated, including that it would like to leverage its virtual platform.
(This tale has no longer been edited by using NDTV personnel and is car-generated from a syndicated feed.)