IDBI MF plans to increase retail reach next year
IDBI Mutual Fund aims to increase its retail presence next year as part of a plan to achieve sustainable and profitable growth, a top company official has said.business Updated: Dec 29, 2013 11:13 IST
IDBI Mutual Fund aims to increase its retail presence next year as part of a plan to achieve sustainable and profitable growth, a top company official has said.
"We are now looking at long-term sustainbility...We are now trying to target retail customers. Our main focus will be on retail segment, where the growth may be slower...but the number of folios and investor addition will be faster," IDBI MF chief executive Debashish Mallick told PTI.
"As of now, the number of our folios stand at 1.5 lakh...we will try to cross 2.5 lakh figure by the end of next year," he said, adding that sound performance of its equity schemes will provide an impetus to attract retail investors.
As per the fund house, it has grown very fast compared to others which have started operations in the last three years.
It is also working on increasing its distribution reach by tying up with more banks and ramping up its presence under online platforms.
"We are increasing bank network by tying up with Syndicate Bank, Indian Overseas Bank, Corporation Bank, and Federal Bank among others. We are also in talks with few private sector new generation banks for increasing our reach," Mallick said.
He also said the fund house will come up with new products in equity and debt spaces next year.
The average assets under management of IDBI MF stood at Rs 4,669 crore at the end of the September quarter.