Prudential ICICI to add 32 offices this financial year

Prudential ICICI Asset Management Company (Pru ICICI) is planning to expand its network of offices in the country by adding about 32 new offices during the current financial year.

Akshay Gupta, head of sales and distribution, Pru ICICI told media persons on Monday that the company is focussing on increasing its customer reach by expanding its retail presence in B and C class cities across the country.

"We have 78 offices now and want to take the number to 110 by March 2007," Gupta said. The company will open offices in Maharashtra at Nashik, Kolhapur and Aurangabad, he informed.

Gupta said the company has applied with the Securities and Exchange Board of India for approving new mutual fund offer schemes from its stable. He however did not divulge details, saying "these will largely be in the equity and equity derivatives space."

The firm has tied up with major public sector and other banks for distributing its products.

"This is mainly to reach the vast retail customer base that these banks have," Gupta said, adding that the company was also in the process of expanding its advisor network. The company will ramp up the number of its advisors from the current 10,000 to 25000 by end of the current financial year, he said.

Commenting on the future growth of assets under management, Gupta said the efforts are focused on tapping the huge retail investor base that exists in the second and third tier towns and expansion of assets under management will follow once the company moves in that direction.

"We would consider expanding the retail customer base rather than expanding the assets base in the immediate perspective," Gupta explained.