The Hindu Business Line : LIC Mutual Fund to introduce 2 products

LIC Mutual Fund is shortly introducing two new products in view of the recent changes in the financial markets to help retail investors realise better returns, Mr M.V. Suryanarayana, the Chief Executive Officer, has said.

At a press conference here on Monday, after opening the centre of the LIC Mutual Fund, he said a floater MIP (monthly income plan) and a dynamic equity fund (a mix of equity and debt) would be introduced after obtaining the approval of the SEBI.

He said the LIC Mutual Fund had at present a corpus of Rs 4,500 crore and 18 lakh investors.

"It is our endeavour to raise it to Rs 6,500 crore by the end of the financial year. We have a market share of 4 per cent and are ranked tenth among the 31 funds in the country," he said.

Mr Suryanarayana said that with the rising rate of inflation the real return on the investments would decrease and the two new products would be more lucrative to the investors in that context.

He said the fund had 14 area offices at important centres in the country and six more would be opened during the current financial year.

"The Vizag centre, under the area office of Hyderabad, has been set the target of collecting Rs 50 crore this year and I am sure it will be achieved," he added.