Peerless General Finance & Investment Company Ltd (PGFI) on Tuesday announced the commencement of its mutual fund business, Peerless Funds Management Company Ltd.(PFMCL), as a wholly-owned subsidiary of PGFI.
The products intended for launch in coming months include liquid and ultra short term funds catering to institutional needs and savings fund for retail customers.
PFMCL, according to Mr S.K. Roy, Managing Director of PGFI, is the first financial services company in eastern India to have received the SEBI approval for setting up its asset management company.
“With a growth rate of over 30 per cent CAGR in the past six years, the mutual fund business in India presents an interesting opportunity and this venture is consistent with our plan to capitalise on the opportunities and emerge as the country's leading financial supermarket,” Mr Roy observed while addressing a news conference here on Tuesday.
Mr A.C. Chakraborti, Chairman of PFMCL, felt that organised mutual fund business being still concentrated in metros, there were considerable opportunities for expanding business in tier-II and III cities and semi-urban markets.
“We're hopeful of meeting the needs of investors in these locations through the company's extensive network of branches, product bouquets and customised services,” he said.
Source: http://www.thehindubusinessline.com/2010/02/10/stories/2010021051481700.htm
The products intended for launch in coming months include liquid and ultra short term funds catering to institutional needs and savings fund for retail customers.
PFMCL, according to Mr S.K. Roy, Managing Director of PGFI, is the first financial services company in eastern India to have received the SEBI approval for setting up its asset management company.
“With a growth rate of over 30 per cent CAGR in the past six years, the mutual fund business in India presents an interesting opportunity and this venture is consistent with our plan to capitalise on the opportunities and emerge as the country's leading financial supermarket,” Mr Roy observed while addressing a news conference here on Tuesday.
Mr A.C. Chakraborti, Chairman of PFMCL, felt that organised mutual fund business being still concentrated in metros, there were considerable opportunities for expanding business in tier-II and III cities and semi-urban markets.
“We're hopeful of meeting the needs of investors in these locations through the company's extensive network of branches, product bouquets and customised services,” he said.
Source: http://www.thehindubusinessline.com/2010/02/10/stories/2010021051481700.htm
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