|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
LIC Nomura Mutual Fund targets over two-fold increase in its average assets under management (AUM) in the current fiscal by launching a host of new schemes in the debt and equity segments, a top company official said.
The fund house, which had posted losses in FY2011 and FY2012, also hopes to report profit in 2012-13..
"We aim to increase our AUM to Rs 20,000 crore in the current financial year on the back of launching new schemes in the debt and equity space," LIC Nomura Mutual Fund Chief Executive Nilesh Sathe told PTI.
For the past fiscal, however, the company could report only an AUM of Rs 7,100 crore against a target of Rs 10,000 crore set by it for this period.
Giving a blue-print for achieving higher growth target, Sathe said, "We plan to launch a couple of fixed maturity plans (FMPs) this financial year, from which we expect to garner around Rs 2,000 crore. Also, we plan to launch a capital protection-oriented fund, which is expected to receive sound response from retail investors."
Sathe further said with the appointment of a new fund manager to manage various debt funds, the fund house is likely to attract more institutional investors into its schemes.
On profitability, Sathe said the fund house is likely to post profit in the last fiscal. "After posting losses in FY 2011 and FY 2012, we hope to post profit for the last fiscal," he said, adding the profitability will improve this fiscal.
LIC Nomura MF, established in 1994, had witnessed subdued growth all these years despite its strong parentage. It, however, is aggressively pushing for growth in the recent time with more professional management, with focus on performance to woo investors.
LIC Nomura MF is a joint venture between insurance major LIC and Japanese Nomura Group with LIC holding 65 per cent stake in the joint venture.