Pru ICICI plans to add 32 offices by March '07

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.

The company is focussed 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 this number to 110 by March 2007," Akshay Gupta, head of sales and distribution at Pru ICICI said today. Nashik, Kolhapur and Aurangabad are some of the key places in Maharashtra where the offices will open.

The company has applied to the Securities and exchange board of India (Sebi) for approvals to a few of its new mutual fund schemes. Gupta said, refusing to divulge details. "These will largely be in the equity and equity derivatives space," he added.

ICICI Pru has signed tie up arrangements with major public sector and private banks for distribution of its products. "This is mainly to reach the vast retail customer base of these banks." The company is also in the process of expanding its advisor network and will ramp up the number of its advisors from 10,000 now, to 25000 by end of the current financial year, Gupta said.

Commenting on the future growth of the assets under management (AUM), 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 said.