Peerless Mutual Fund is looking at doubling its average assets under management (AAUM) to Rs 2,000 crore by the end of this fiscal from the current level of around Rs 1,065 crore.
Moreover, the company is looking at posting a two-fold rise in equity AUM to around Rs 450 crore by March end from the current level of Rs 250 crore.
Peerless MF's AAUM shrank from Rs 2,283 crore in September 2014 to Rs 1,065 crore as in November 2015 as its liquid ultra short-term growth fund came down from Rs 2,027 crore to Rs 599 crore during the period.
This was despite the fact that its equity AUM grew from Rs 36 crore to Rs 187 crore in the same period.
Moreover, the company has collected Rs 40 crore from its first mid-cap fund, whose new fund offer (NFO) closed on November 30, and is hopeful of mopping up nearly Rs 15 crore from its ELSS, whose NFO is still open for subscription.
"We are expecting the company's AAUM to cross the mark of Rs 2,000 crore by the fiscal-end from the current level of Rs 1,065 crore.
"Also, we are looking at increasing our equity AUM from current level of Rs 250 crore to Rs 400-450 crore by March," Peerless Mutual Fund Managing Director and Chief Executive Rajiv Shastri said here today.
The company has one equity and one mid-cap fund in its portfolio. Besides, its Long Term Advantage Fund (an open-ended equity linked savings scheme) is under new fund offer period and will close on December 21.
"We may come up with a balanced fund next fiscal," Shastri added.
