The Hindu Business Line : HSBC MF aims to double market share

HSBC Asset Management (India), which manages the HSBC Mutual Fund, has set an ambitious target of doubling its assets under management as well as market share in the next couple of years.

The HSBC AMC CEO, Mr Sanjay Prakash, said that the assets under management stood at little less than Rs 6,000 crore at the end of September and the company aims to double it in two years.

Similarly, it plans to double the market share to over seven per cent from the existing 3.6 per cent, he added.

Speaking to newspersons on the eve of opening an investor service centre, he said that the company was not averse to the idea of inorganic growth but was not actively looking at it.

Given the current faster growth in the organic mode, the company finds compelling reasons to continue with the existing model. "We will look into inorganic growth if an attractive opportunity arises."

HSBC MF, which currently has seven schemes, proposes to come out with a floating rate fund shortly, sometime by the end of the month.

The company has already obtained the necessary approvals from the SEBI for the launch and expects to raise funds upwards of Rs 500 crore.

Stating that HSBC MF is also planning to come out with innovative products such as pension fund, overseas fund, capital guaranteed fund and real estate fund, Mr Sanjay Prakash said that since the market regulator was yet to take a decision on these products, the company may have to wait till the next calendar year for the launch.

In a bid to expand the market network, HSBC MF has firmed up plans to have a presence in 20 cities across the country from the existing eight cities, he added.

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