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Sundaram MF to expand distribution in West Asia
Sundaram Mutual Fund is in the process of expanding its distribution network in the West Asia as it foresees huge growth potential in the region.
Sundaram Mutual Fund is in the process of expanding its distribution network in the West Asia as it foresees huge growth potential in the region.
The NRIs in the West Asia were offering "huge potential" and Sundaram MF is presently in discussion with banks and financial institutions in the West Asia to expand its distribution network, Managing Director of Sundaram Asset Management Company, TP Raman said on Wednesday.
"There is huge potential awaiting to invest in India. NRIs suddenly looking at their own country as a market providing stable returns. We are seriously thinking of putting a person in Dubai," he said.
Presently, Dubai-based Barjeel Securities distributes Sundaram MF products in Dubai, Abu Dhabi and nearby locations.
After strengthening its distribution network in the Middle East, the company is expected to open an office in Dubai to monitor the operations.
The NRI segment contributes about Rs 22 crore to the company's assets under management (AUM), said Raman.
Sundaram Asset Management, a wholly owned subsidiary of Sundaram Finance, now has an AUM of over Rs.20 billion and maintains over 50 per cent of its AUM on the equity side.
