New kid in the mutual funds stable Mahindra Asset Management Company is open to forging a tie-up with foreign players, which, it believes, can add value to its existing asset management business. “We are open to acquisition, but, we are not after volume chasing. We are more keen to have tie-ups with foreign players which can offer ‘expertise’,”
Mahindra AMC head sales and distribution Jatinder Pal Singh told PTI. However, he said, nothing was decided as yet. Despite being new in the AMC business, the company
Despite being new in the AMC business, the company believes it can achieve in 4-5 years what their peers had done in the last 10-15 years, Singh said. The company has for now launched six products including “Bal Vikas Yojana” and “Badhat Yojana” with an AUM (Asset under Management) of Rs 2,300 crore. Singh said that the AMC was planning to expand its presence in 50-60 cities by December, 2017, up from 38 cities now. Mahindra will also come out with online sales platform from its portal in near future.
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According to a PTI report, investors put in more than Rs 70,000 crore in equity-oriented mutual fund schemes in 2016- 17, making it the third successive year of net inflows. The strong inflows have pushed the asset base of equity MFs by an impressive 41 per cent during the period under review. Moreover, according to data from the Association of Mutual Funds in India (Amfi), equity funds, which also include equity-linked saving schemes (ELSS), saw net inflows of Rs 70,367 crore in 2016-17, a slight drop from Rs 74,024 crore infusion in 2015- 16.