Axis Asset Management Co., backed by India’s third-largest non-state bank, plans to triple its assets over the next year as it aims to become one of the nation’s top 10 money managers.
Funds under management may rise more than threefold to 100 billion rupees ($2.2 billion) by March 31, 2011, Chief Executive Officer Rajiv Anand said in an interview in Mumbai yesterday.
Anand, who targets making Axis one of the top 10 equity asset managers in the nation over the next few years, said he’ll consider acquiring rivals. Axis posted the biggest increase in assets under management last month among Indian money managers, according to data compiled by Bloomberg, with funds climbing 42 percent to 37.5 billion rupees in February.
“We are in market share grab mode,” Anand, 44, said. “We expect our growth to be quite steep over the next couple of years.”
India’s mutual funds industry has gained fivefold in size in as many years, with assets under management swelling to 7.8 trillion rupees in February, according to data compiled by Bloomberg. India’s 1.1 billion people, almost half of whom are under 25 years old, are spending more on electronics, clothes and cars as incomes grow in the world’s second-fastest growing major economy.
Expanding Equities
Axis Asset Management, which has more than doubled its team to 100 people since it started operations last year, may increase hiring by 10 percent to 15 percent over the next two years, Anand said. The money manager aims to have 10 million customers by March 2012 as it seeks to tap the clients at almost 900 Axis Bank Ltd. branches across India. Axis Mutual Fund currently has 150,000 customers.
“Being a bank-sponsored mutual fund clearly helps, so we are leveraging that to grow the business,” said Anand.
Axis has five funds including two money market plans, two equity funds and a debt fund. The company is awaiting approval from the regulator to start two new plans. The money manager, which has about four percent of its assets in stocks, expects the share of equities and equity-linked products to rise to 30 percent of assets over the next year.
Source: http://www.businessweek.com/news/2010-03-15/axis-in-market-share-grab-mode-aims-to-triple-assets-in-india.html
Funds under management may rise more than threefold to 100 billion rupees ($2.2 billion) by March 31, 2011, Chief Executive Officer Rajiv Anand said in an interview in Mumbai yesterday.
Anand, who targets making Axis one of the top 10 equity asset managers in the nation over the next few years, said he’ll consider acquiring rivals. Axis posted the biggest increase in assets under management last month among Indian money managers, according to data compiled by Bloomberg, with funds climbing 42 percent to 37.5 billion rupees in February.
“We are in market share grab mode,” Anand, 44, said. “We expect our growth to be quite steep over the next couple of years.”
India’s mutual funds industry has gained fivefold in size in as many years, with assets under management swelling to 7.8 trillion rupees in February, according to data compiled by Bloomberg. India’s 1.1 billion people, almost half of whom are under 25 years old, are spending more on electronics, clothes and cars as incomes grow in the world’s second-fastest growing major economy.
Expanding Equities
Axis Asset Management, which has more than doubled its team to 100 people since it started operations last year, may increase hiring by 10 percent to 15 percent over the next two years, Anand said. The money manager aims to have 10 million customers by March 2012 as it seeks to tap the clients at almost 900 Axis Bank Ltd. branches across India. Axis Mutual Fund currently has 150,000 customers.
“Being a bank-sponsored mutual fund clearly helps, so we are leveraging that to grow the business,” said Anand.
Axis has five funds including two money market plans, two equity funds and a debt fund. The company is awaiting approval from the regulator to start two new plans. The money manager, which has about four percent of its assets in stocks, expects the share of equities and equity-linked products to rise to 30 percent of assets over the next year.
Source: http://www.businessweek.com/news/2010-03-15/axis-in-market-share-grab-mode-aims-to-triple-assets-in-india.html
Posts
No comments:
Post a Comment