| "The entire mutual fund industry with around 30 players is worth Rs 1,25,000 crore. This fiscal, Andhra Bank is targeting a Rs 500 crore pie of the sector," T S Narayanasami, Andhra Bank chairman and managing director, said at a press conference here on Wednesday. |
| "This year, till September, Andhra Bank sold mutual funds worth Rs 48 crore. With 16 financial centres, crossing the Rs 500-crore mark this year, should not be a difficult task," he added. |
| "At present, the fee-based income of Andhra Bank is around 30 per cent. Ideally it should be around 75 per cent as is the case in the globally advanced countries," Narayanasami pointed out. |
| Andhra Bank is also in talks with other mutual fund companies for distributing their products. "By this month end, we will sign deals with companies to sell around six products," Narayanasami said without giving further details. |
| R Balakrishnan, executive director of Andhra Bank, said that 242 officials have already been trained for the mutual funds distribution process. Andhra Bank also has around 236 officials who are Irda certified for distribution of insurance products. |
| According to Chaturvedi, Tata Asset Management, as on March 2004, had around Rs 4,000 crore worth assets under management. "By September, we crossed the Rs 6,000-crore mark and by March 2005, we plan to cross the Rs 8,000-crore mark and achieve a 100 per cent growth," he added. |
| Chaturvedi also said that the company is coming out with some new products and services soon. |
| "We are planning to launch Portfolio Management Services by end of November this year and offshore funds in January next year. Offshore funds will be dollar-nominated funds. Both of these have got approval from the Securities Exchange Board of India (Sebi)," he added. |
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