Reliance MF expects 80% growth in asset base

Reliance MF expects 80% growth in asset base
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First Published: Mon, Jul 14 2008. 03 17 PM IST
Updated: Mon, Jul 14 2008. 03 17 PM IST
PTI
Chandigarh: Despite volatility in the stock market, Reliance Mutual Fund expects 80% growth in its asset base and 100% jump in its size of investors.
“Our compound annual growth rate (CAGR) has been 80% during the last two years and we would like to maintain the same growth level during this fiscal as well,” Reliance Capital Asset Management Ltd Deputy CEO Sundeep Sikka said.
Anil Dhirubhai Ambani Group Company had an asset under management of Rs26,000 crore in 2006-07 that grew to Rs92,000 crore in 2007-08. As on 31 May, the total assets under management of the company have reached Rs98,430 crore.
“Investors especially retail have become more mature and invest for longer term. So we have not witnessed any panic among retail investors during the recent downfall of the stock market,” he said.
The company is also looking at significant jump in its investors’ base during this fiscal. “We hope to observe 100% jump in our investors base in this year as well,” he said.
The company had investors base of 35 lakh in 2006-07 and 67 lakh in 2007-08. As on date, it has over 70 lakh investors.
To expand its reach, the company plans to have presence in 500 locations this year. The company has 36 schemes at present, of which 19 are equity related and 17 are debt oriented schemes.
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First Published: Mon, Jul 14 2008. 03 17 PM IST