E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»LIC Mutual Fund aims to increase assets under management to Rs 30,000 cr this fiscal
Business

LIC Mutual Fund aims to increase assets under management to Rs 30,000 cr this fiscal

By July 14, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

LIC Mutual Fund expects to make gains from IDBI Mutual Fund merger and new fund launches which will help in increasing its assets under management to Rs 30,000 crore by March.

The fund house from LIC plans to launch three new funds, including one this month.

“We closed FY22 with around Rs 17,500 crore in Assets Under Management (AUM). We want to growth this by over 70 per cent to around Rs 30,000 crore by the end of this fiscal,” LIC Mutual Fund’s Managing

Director and Chief Executive Officer T S Ramakrishnan told PTI on Thursday.

He said the optimism is based on the still strong fund inflows which should help garner around Rs 10,000 crore from new fund launches and another Rs 3,000 crore from the merger of IDBI Mutual Fund.

The merger of IDBI Mutual Fund with the company is expected to be completed over the next three to four months post-regulatory approvals.

Except from Sebi, LIC Mutual Fund has received all the approvals for the merger.

LIC Mutual Fund’s Executive Director and Business Head Nityanand Prabhu said IDBI Asset Management Company has 20 funds, out of which 10 will be retained and the rest would be merged with the existing schemes as Sebi does not allow multiple schemes in the same segment.

The merger will also get LIC Mutual Fund 3 lakh more retail customers, which will boost its retail base of 5.5 lakh.

LIC Mutual Fund, which been stuck with fixed income schemes for long, has filed for three new schemes in the debt equity and money market spaces.

Sebi had imposed a three-month ban on new fund launches from April 1 in order to implement the new norms around pooling of funds. The ban ended on July 1 and since then many fund houses, including LIC MF, has filed new schemes.

In the past, new fund launches have helped found house garner inflows. For instance, in the second half of 2021 alone, the industry mobilised more than Rs 12,000 crore from new funds, of which half came in just two months.

Ramakrishnan said the company has 26 schemes running now and has already got the approval for its new money market fund from which it hopes to garner at least Rs 1,000 crore during the primary sale period which will begin later this month.

See Zee Business Live TV Streaming Below:

Prabhu said they expect to collect only around Rs 500 crore from the new multicap equity fund given the volatility in the market. It is awaiting Sebi nod for the fund.

He said the current AUM of Rs 17,500 crore is led by over Rs 10,000 crore in debt funds, Rs 5,000 crore in equity funds and Rs 2,500 crore in ETF (Exchange Traded Funds), of which around Rs 1,000 crore is in G-Secs and SDLs (State Development Loans).

According to the officials, the objective is to take the fund mix 50:50 when it comes to equity and debt funds.

The 43-player domestic fund market closed June with a negative flow of Rs 69,853 crore almost ten times from the previous month when it was only Rs 7,532 crore. Debt funds alone bled a whopping Rs 92,248 crore in June, almost three times of Rs 32,722 crore in May.

The massive outflow pulled down the average AUM of the industry to Rs 36.98 lakh crore at the end of June from Rs 37.37 lakh crore at the end of May, according to data from industry body Amfi.
 



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.