Taurus to launch portfolio management scheme

Taurus Asset Management Co Ltd plans to launch a portfolio management scheme later this month, its Chief Executive, Mr Waqar Naqvi, has said.

“We already have a license for the scheme. We will start in a small way with Rs 10-15 crore this month and scale up slowly,” Mr Naqvi told Business Line.

Mr Naqvi expects the scheme to take off in a big way in 2009-10. “Next year, we plan to have a separate team for the scheme,” he said. 

Plans are afoot to initially tap existing clients with enough exposure to mutual funds and are keen to diversify into portfolio management scheme. Mr Naqvi said that the client should essentially be a high net worth individual and be ready to place at least Rs 1 crore at the disposal of the portfolio manager. 

Mr Naqvi, who has been a chief executive of the company for about four months now, said that communication would form a strong pillar of his strategy for Taurus Mutual Fund. 

He said the team being built at the top was a very robust one with diverse background and good track-record. 

“You will see the first advertisement that I am going to issue very soon. We want to get positioned as an asset management company that keeps on innovating. Communication, innovation and reach will form part of the strategy (to boost assets under management). We are going to expand to 24 branches by March 2009 from seven. We also know that profits will not follow immediately,” he said.

Mr Naqvi said t Taurus Mutual Fund plans to launch a couple of fixed income products this fiscal. 

“There will be equity products also, but we are yet to crystalise which products. We have gaps in our product range on both sides —equity and fixed income. We will launch on both sides,” he said, adding the mutual fund may come up with a short term income fund in October or November this year.