Mahindra Asset Management Company has set a target to handle assets under management of about Rs 7,000 crore and increase its presence to 500 cities during the current financial year, its Managing Director and CEO, Ashutosh Bishnoi said here today.
"We are expecting Rs 6,500-Rs 7,000 crore of AUM (assets under management) by March 2019 from Rs 4,500 crore AUM in June 2018. Out of this, Rs 1,500 crore is in retail equity," he told reporters, after launching new open ended debt scheme 'Mahindra Credit Risk Yojana', here.
On expansion plans, he said, "in two years time, we reached 400 cities and we would like to take that number to 500 by this financial year-end".
"In five years, we want to be selling in 1,500 cities and may be in a few villages also. The objective of Mahindra Mutual Fund is to go to smaller towns", he said.
The Mahindra Credit Risk Yojana scheme is targeted at investors who seek reasonable income and capital appreciation over medium and long term.
The new fund offer opens on July 27 and closes on August 10, 2018. It would reopen from continuous sale and repurchase within five business days from the date of allotment, he said.
To a query, he said, the company was hopeful of launching three more retail funds this year.
Mahindra Asset Management Company is the investment manager for Mahindra Mutual Fund. It is a wholly-owned subsidiary of Mahindra and Mahindra Financial Services Ltd.
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