Financial Daily from THE HINDU group of publications
Tuesday, Jun 25, 2002
Asset Management Companies
Sundaram Mutual to expand operations
Mr T.P. Raman, Managing Director, Sundaram Newton AMC, addressing a press conference in Mumbai on Monday.
MUMBAI, June 24
South-based mutual fund Sundaram Mutual is eyeing the northern and western markets. The company is on the look-out for new distributors in these areas.
"We are in talks with several distributors at the moment. We are also expanding in Mumbai and Delhi. We are already strong in the South,'' said Mr T.P. Raman, Managing Director, Sundaram Newton Asset Management Co Ltd.
"Retail is the name of the game," Mr Raman said, explaining the company's new focus areas at a press conference here today.
Sundaram Newton AMC launched three new funds today - two equity-oriented and one debt-oriented. These include Sundaram Select Focus, an equity fund which will invest in a few, liquid, large cap stocks. The portfolio of this fund will comprise a maximum of 20 and minimum of 10 stocks.
Sundaram Select Midcap is a diversified equity fund for mid-cap stocks, which have potential for future growth. Sundaram Income Plus is a debt fund to invest in `AA' rated corporate papers such as Mahindra & Mahindra, Tata Engineering and Tata Steel. All three funds are open from today till July 19.
Share transfer to be completed in a month
He said the buyout of Newton AMC's 39 per cent stake in Sundaram Newton Asset Management Co Ltd would be completed in a month's time.
The 61-39 joint venture between Sundaram Finance and Newton AMC will cease to exist. The soon to be formed 100 per cent Sundaram Finance-owned company will be known by the name Sundaram Mutual.
Pointing out the change in Newton's management as the reason for the buy-out, Mr Raman said: "Globally, Newton has been taken over by a US company, Mellon. We are open to the idea of new partners,'' he said. A consultant is soon to be appointed to facilitate this process.
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