1 min read.Updated: 26 Oct 2021, 01:06 PM ISTNeil Borate
The bulk of the collections has come through the NJ's own mutual fund distribution arm
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MUMBAI : NJ Mutual Fund has raised around ₹5,200 crore in the new fund offer (NFO) of its balanced advantage fund (BAF). NJ Mutual Fund received its licence on 30 April 2021 and is part of the NJ Group, one of India's largest mutual fund distribution firms. The bulk of the collections has come through the NJ's own mutual fund distribution arm, with around ₹230 crore coming from about 140 non-NJ distributors and registered investment advisers NJ Mutual Fund has a total of about 225,000 investors from more than 600 districts in 35 states and Union territories, its chief executive officer Rajiv Shastri told Mint. As a mutual fund distributor, NJ Wealth contributes more than ₹118,000 crore of the MF industry’s current AUM. The group also has a portfolio management service (PMS) that manages about ₹3,000 crore in assets.