ING Investment Targets Rs 2,000 Cr AUM In 2003

Mumbai, January 22: | Updated: Jan 23 2003, 05:30am hrs
ING Investment Manag-ement (India) has set an ambitious plan to nearly triple its asset base to Rs 2,000 crore in calendar 2003 as compared to its current size of Rs 750 crore.

The growth is expected to come through a focussed marketing strategy for each segment, including retail, institutional business as well as high networth individuals (HNIs).

The mutual fund arm of ING Investments will make special efforts to tap the retail segment in the urban and semi-urban pockets of north and south India through the branch network of ING Vysya Bank. The asset management business shall further endeavour to make its presence felt in the semi-urban markets through its distribution arm Vysya Financial Services, which actively operates in the banking, insurance and asset mangement business. In 2002, our assets under management (AUM) grew by nearly 107 per cent at Rs 750 crore and this year, we aim to reach Rs 2,000 crore, company managing director and chief executive officer Kavita Hurry said. The retail sector currently accounts for 40 per cent of the total AUM. The asset management arm will make an effort to make inroads into this segment largely through leveraging the existing branch network of ING Vysya bank and mutual fund distributors, she added. ING Investment Managment head of business development and marketing Hemant Rustagi said, We are aware that investors are no longer attracted by plain vanilla products and to make the product attractive, we will be introducing specialty products during the financial year and at the same time, we shall make an effort to better the core products. ING Investment Management Asia-Pacific regional managing director Paul Scully said, We are not looking at acquisitions right now. The recent acquisition of Vysya Bank has provided us the platform for distributing MF products. However, if opportunities arise, and if it adds value, then we may look at growing inorganically. In the current corpus size of Rs 750 crore, the equity portion is around Rs 100 crore.