Mumbai, June 3: Assets under new plans of Prudential-ICICI Asset Management Company have vaulted by a whopping 410 per cent to Rs 882 crore in the first year of operation. The AMC had launched three funds in June last last year which mopped up a sum of Rs 173 crore. The total assets under the AMC have moved up from Rs 327 crore in June 1998 to Rs 1030 crore on June 2 this year. ``We have just made the beginning and we plan to bring lot of innovation to the business,'' said Ajay Srinivasan, managing director, Prudential-ICICI AMC.Besides income, liquid and growth plans, the AMC manages two closed-end funds - Power and Premier. The mutual fund also launched an FMCG fund earlier this year which mobilised Rs 72 crore. The AMC currently has an investor base of 1.3 lakh.
``We also plan to add a equity-linked savings scheme and a gilts fund this year,'' said Srinivasan. The AMC was the first to offer cheque-writing facaility in its liquid plan in association with ICICI Bank. ``We now plan to dematerialise theunits of the balanced fund, Prudenatial-ICICI Premier which is listed on the bourses,'' said Srinivasan. The fund, due for redemption, was rolled over earlier this year and the investment focus was changed from a growth to a balanced fund. ``During the year, we were in constant touch with our investors and got regular feedbacks. The change in investment profile of Premier was one of the results,'' points out Srinivasan. The fund, which offered a one-time exit to its investors, saw a redemption of Rs 92 crore.
Srnivasan attributes the growth in the business to several reasons. ``Besides brand equity of Prudential-ICICI, investors have been satisfied with our service standards and regular communication. The returns from the funds have also been good. We now plan to increase the centres of the mutual fund from the existing 14 to 20 this year.''
During the one year, assets under income plan have gone up from Rs 72 crore during the initial offer to Rs 553 crore as on June 2. ``This has been the fastest growingfund in the family and investors continue to repose faith in debt funds. Around 82 per cent of the assets are invested in AAA securities,'' said Srinivasan. The fund has given a return of 12.38 per cent since inception. While assets under the liquid plan have moved up from Rs 42 crore to Rs 136 crore, the corpus of growth plan has climbed from Rs 59 crore to Rs 121 crore. The growth plan has generated a return of 37.9 per cent in its one year since inception. The top five holdings are HLL, Novartis, NIIT, Punjab Tractors and Pentafour Software as on May 31.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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