Reliance MF scouts for acquisition

Reliance MF scouts for acquisition
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First Published: Wed, Jul 02 2008. 08 06 PM IST
Updated: Wed, Jul 02 2008. 08 06 PM IST
By PTI
Kolkata: Reliance Capital Asset Management, which manages Reliance Mutual Fund is scouting for global asset management companies for acquisition to make the company a global player in the next five to seven years.
“We want to be global player in the next five to seven years and toward that we are open for acquisitions in the overseas markets,” Reliance Capital Asset Management Ltd (RCAML) CEO Vikrant Gugnani said.
He was in city to announce the company’s new product SIP+insure scheme which offers systematic investment plan along with free insurance.
He, however, did not elaborated on the details of acquisition plan and neither shared about markets he was looking at.
Reliance has already begun the journey toward the aim of being a global asset management company. It has established a company in UK, Reliance Capital AMC UK Plc.
“The UK company has already got the license as a investment management company and expected to be operational,” Gugnani said.
The company has assets of Rs98,430 crore as of May with presence in 300 cities across the country.
He pointed that there had been shift of investment to SIP products and he expressed confidence on success of the SIP with insurance product.
SIP+Insure offers investor to investment a minimum of Rs2,000 per month and minimum contribution has to be three years.
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First Published: Wed, Jul 02 2008. 08 06 PM IST