PGIM India Asset Management aims to double AUM to ₹50,000 core in next 2-3 yrs - Hindustan Times
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PGIM India Asset Management aims to double AUM to 50,000 core in next 2-3 yrs

PTI |
May 20, 2024 02:40 PM IST

PGIM India Asset Management aims to double AUM to ₹50,000 core in next 2-3 yrs

New Delhi, PGIM India Asset Management aims to more than double its assets under management to 50,000 crore within the next 2-3 years, which will be driven by efforts to complete the product basket coupled the strong focus on SIP, its top official said on Monday.

PGIM India Asset Management aims to double AUM to <span class='webrupee'>₹</span>50,000 core in next 2-3 yrs
PGIM India Asset Management aims to double AUM to 50,000 core in next 2-3 yrs

The asset management firm, which forayed into the Alternative Investment Fund space in October 2023, is also looking to complete its product basket with the launch of new schemes including a special opportunities fund.

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The fund house, which has an Asset Under Management of 23,240 crore at present, expects to touch 50,000 crore mark AUM in the next 2-3 years, Abhishek Tiwari, Chief Business Officer of PGIM India Asset Management, told PTI here.

"Factors that will drive the growth of PGIM India Asset Management are the organic growth of the asset management industry in India and our focus on completing our product basket along with the continued focus on SIP which is a very healthy part of our business growth," he said.

Apart from this, having licenses and in turn products across the mutual fund, PMS and AIF on the public market is a big enabler for being relevant across the distribution and client segments, he added.

PGIM India Mutual Fund is a fully-owned subsidiary of the US-based Prudential Group's Prudential Global Investment Managers.

Overall, the 44-player mutual fund industry has an asset base of 57.26 lakh crore as of April this year, marking a growth of 37 per cent from 41.62 lakh crore in April 2023, according to data available with the Association Mutual Funds in India .

This spectacular growth was fuelled by the growing participation of retail investors and buoyant equity markets.

The robust gain in the industry's assets under management was also replicated in the growth of investors in mutual funds, with the number of folios closing at a record high of 18.84 crore, adding an investor base of around 4.2 crore.

The adoption of Systematic Investment Plans continued to rise, with monthly net inflows touching an all-time high of 20,371 crore in April this year from 13,728 crore in April 2023.

This article was generated from an automated news agency feed without modifications to text.

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