 "Mutual Funds clocking 13% growth in UP")
The mutual fund industry is bullish on the Uttar Pradesh market, which has been growing by about 13% year-on-year.
Currently, the state accounts for 3.17% market share or Rs 38,285 crore of total investment in domestic mutual funds.
"The UP market potential remains to be tapped as lot more investors stand to benefit from mutual fund investments," Birla Sun Life Asset Management Company CEO A Balasubramanian said here today.
He said the company had witnessed strong interest in equity - both from Lucknow and UP. "We see this as a sign of the investors' interest to participate in equity and thus in India's growth story." He said the company is already strengthening its presence in UP and holding investors awareness camps.
He informed systematic investment plans (SIP) were getting popular with the state investors, as more and more investors were beginning to realise its contribution towards long term wealth creation.
There are about 45 million mutual fund investors in India, of which 16 million are unique investors, since several individual investors also hold multiple portfolios.
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Birla Sun Life is the 4th largest mutual fund in India with an investor base of 2.6 million and asset under management at over Rs 1,22,400 crore.
"Over the last year, the mutual fund industry has benefited from the general positive sentiments about the domestic economy potential," Balasubramanian added.