SBI MF to launch sectoral-specific funds

Written by Agencies | Mumbai | Updated: Mar 31 2009, 16:25pm hrs
SBI Mutual Funds, the joint venture between State Bank of India and Societe General AMC (France), plans to launch sectoral-specific funds in the near future, a company official said.

"We will launch sectoral specific funds which we don't have in our portfolio," SBI Mutual Fund Chief Marketing Officer R S Srinivas Jain said on the sidelines of a press meet in Mumbai.

"We have filed several products with the market regulator for its approval. We will launch the same, once we get approval," Jain said.

The uncertainty in the global market looks likely to continue, he said.

However, looking at the potential of the Indian economy, one should remain invested in equities, SBI MF's Chief Investment Officer Navneet Munot said, adding that SBI MF's gold ETF, will provide more liquidity and transparency.

During the quarter ending March 2009, being the financial closing period, there may be some selling pressure from corporates, Munot said, adding, "However, overall, the growth is in line with expectations."

SBI Mutual Fund is one of the country's premier fund-houses, managing assets over Rs 27,627 crore as on February 28, 2009. The fund house serves over 5.5 million investors through a network of over 200 points of contact.