Reliance MF size crosses Rs 1 lakh cr, aims higher | business | Hindustan Times
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Reliance MF size crosses Rs 1 lakh cr, aims higher

business Updated: Jun 01, 2009 21:42 IST
Sandeep Singh

As the surge in the equity market continued along with a revamp in the overall investor sentiment, the average assets under management (AUM) of Reliance Mutual Fund rose by 16 per cent or Rs 14,343 crore in the month of May to cross the Rs 1 lakh crore mark at Rs 102, 730 crore.

The company attributed the rise in AUM to its increased focus on retail investors and changing market conditions where the equity markets gained around 80 per cent since March 9, when it closed at 8,160.

“Even in a bad year we have seen a 50 per cent rise in investor class that invests below Rs 10,000,” said Sundeep Sikka, chief executive officer, Reliance Mutual Fund.

Reliance Mutual Fund has also rolled out an expansion plan to increase its reach and scale up the subscriber base.

“We plan to increase the number of branches from 350 now to 600 in the next 12-18 months and take our investor base from around 72 lakh now to 2 crore,” said Sikka.

Along with branch expansion the company will also increase its employee base. “We will add around 700 employees,” said Sikka.

While mutual fund remains major play for the company, Sikka said that another important focus area would be towards managing the pension and the retirement fund.