Four new companies are set to enter the asset management business in the next six months, namely; IDBI Bank, Peerless Investment & Finance, Prudential Financial and Union Bank of India.
“We will be launching our asset management business in a month’s time so very soon we will make the formal announcement,” said P Sitaram, chief financial officer at IDBI Bank. A source at Peerless Investment & Finance also said that the company is planning to start its mutual fund venture in a month.
The company has already files mutual funds scheme information documents with the Sebi for which approval is awaited. Pramerica, the brand name used in India by US-based Prudential Financial, is also gearing up.
“We are awaiting the market regulator’s approval for our asset management venture. We hope to launch in a couple of months,” said Vijai Mantri, chief executive officer of Pramerica Financial Services.
Union Bank of India, meanwhile, has formed a joint venture with Belgium-based KBC Group for its asset management firm. The bank holds a 51% stake in the venture.
“We will be starting our mutual funds business in May and we are already half-way through. We are waiting for an approval from Sebi for the mutual funds products to be launched by us,” said M V Nair, chairman and managing director of Union Bank of India.
The mutual fund industry manages assets worth Rs 7,61,625.54 crore as on January and there are 40 players in this industry, as per data available on the Association of Mutual Funds of India website.
“Despite so many players, there is low penetration and household savings flowing into mutual funds is a mere 7%. So there is a lot of scope for new players,” said A P Kurian, chairman of Amfi.
Source: http://www.dnaindia.com/money/report_four-firms-set-to-enter-mf-space-in-six-months_1345202
“We will be launching our asset management business in a month’s time so very soon we will make the formal announcement,” said P Sitaram, chief financial officer at IDBI Bank. A source at Peerless Investment & Finance also said that the company is planning to start its mutual fund venture in a month.
The company has already files mutual funds scheme information documents with the Sebi for which approval is awaited. Pramerica, the brand name used in India by US-based Prudential Financial, is also gearing up.
“We are awaiting the market regulator’s approval for our asset management venture. We hope to launch in a couple of months,” said Vijai Mantri, chief executive officer of Pramerica Financial Services.
Union Bank of India, meanwhile, has formed a joint venture with Belgium-based KBC Group for its asset management firm. The bank holds a 51% stake in the venture.
“We will be starting our mutual funds business in May and we are already half-way through. We are waiting for an approval from Sebi for the mutual funds products to be launched by us,” said M V Nair, chairman and managing director of Union Bank of India.
The mutual fund industry manages assets worth Rs 7,61,625.54 crore as on January and there are 40 players in this industry, as per data available on the Association of Mutual Funds of India website.
“Despite so many players, there is low penetration and household savings flowing into mutual funds is a mere 7%. So there is a lot of scope for new players,” said A P Kurian, chairman of Amfi.
Source: http://www.dnaindia.com/money/report_four-firms-set-to-enter-mf-space-in-six-months_1345202
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