LIC Nomura Mutual Fund, which has crossed Rs 10,000 crore in average assets under management by the end of the December quarter, is likely to keep the momentum in the future, a top company official said.
"We have done fairly well in the recent past. Our growth rate was around 29 per cent as of now and we hope to maintain the momentum," director and chief executive LIC Nomura MF Nilesh Sathe told PTI here. Against this, the industry grew 9-10 per cent during the quarter.
He also said the company has filed for three products which includes a RGESS scheme with the regulator.
"We expect to launch the RGESS soon after the approval from the regulator," Sathe said, adding the fund house expects to garner around Rs 50 crore from the scheme.
Talking about the other two schemes, he said while one is an equity fund in the mid-cap space, another is a G-Sec ETF.
Regarding the Sebi decision to invest at least 1 per cent or a maximum of Rs 50 lakh as seed capital in all their open ended schemes, Sathe said this will help fund houses in the long-run.
"Now, fund houses can invest Rs 50 lakh in an open-ended scheme and show the fund's performance for three or six months to investors and then raise money. It will make fund houses serious about their new launches," Sathe said.
LIC Nomura MF is a tie-up between insurance major LIC and Japanese Nomura with LIC holding 65 per cent stake in the joint venture.
The fund house has an average assets under management of Rs 10,010 crore by the end of December quarter.
