Axis Bank to enter into Mutual Fund business
Axis Asset Management Company Limited (Axis AMC), a wholly owned subsidiary of Axis Bank Ltd, today announced that it has received the final regulatory approval from the Securities & Exchange Board of India (SEBI) to launch its mutual fund business in the country.
Axis AMC now aims to launch its first set of products in October 2009, a company statement said.
Axis AMC will shortly be filing for both equity and debt products. These offerings should be available by October / November of this year.
“We have received SEBIs approval. The Asset Management industry in India is amongst the fastest growing financial services businesses from across the globe. With a growth rate of over 30 per cent CAGR during the last 6 years, the mutual fund business presents an interesting opportunity, Axis AMC’s MD & CEO, Rajiv Anand said in a statement.
Mr.Anand said further that it is a fairly crowded investment market but they think that there is great merit in delivering solutions rather than just launch products. It is this investor centric approach built on customer oriented communication, long term relationships and enduring wealth creation that will seek to differentiate Axis Mutual Fund. According to him they will aim to be amongst the top 10 fund houses in the country within the next 4-5 years.
Source: The Economic Times