Latest News | Mirae Targets Rs 100 Cr from New Fund
Get latest articles and stories on Latest News at LatestLY. Mirae Asset Mutual Fund is expecting to collect at least Rs 100 crore from the new balanced advantage fund launched on Monday.
Mumbai, Jul 20 (PTI) Mirae Asset Mutual Fund is expecting to collect at least Rs 100 crore from the new balanced advantage fund launched on Monday.
Mirae joins nearly half a dozen fund houses to launch new schemes after the Sebi lifted its three months ban on new fund launches from July 1.
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The open-ended dynamic asset allocation fund is open for subscription from Thursday through August 3.
The fund will invest at least 60 per cent into equities and the rest of the money collected will be deployed in other asset classes, including fixed income/debt, and offers 10-12 per cent in returns to investors.
The benchmark index for the fund will be the Nifty 50 hybrid composite debt 50:50 index, said Swarup Mohanty, chief executive of the 14-year-old fund house.
When asked about the targeted fund mobilisation from the primary issuance of the new fund, Mohanty told PTI that the internal target is to mop up at least Rs 100 crore.
But this does not mean that we aren't ambitious about its growth as our largest fund had collected only around Rs 100 crore but now has an AUM of over Rs 32,000 crore and so are our other large funds, he said.
He claimed that the new scheme is a good investment option, especially in times of volatility, due to its dynamic asset allocation between equity, arbitrage and debt instruments and the fund aims to capture the upside during a bull market and limit the downside during bear phases.
Among its multiple schemes, Mirae manages over Rs 1 lakh crore of assets under management and is among the fastest growing fund houses in a cluttered industry with close to 50 players.
Mirae has over 53 lakh folios as of June 2022, which jumped from 38 lakh in the same month last year. Its folios grew from 1 lakh in 2014 to the current level in eight years, Mohanty said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)