The Hindu Business Line : Kotak Mahindra Mutual plans more schemes

The MF hopes to take advantage of the recently-introduced tax laws to work out an equity-linked savings scheme (ELSS). The latter will be akin to other open-ended ELSS products available in the market, complete with a three-year lock-in period and an actively-managed diversified portfolio.

The derivative fund for its part will try to generate income through arbitrage opportunities that emerge out of mis-pricing between the cash and derivatives markets. While there are a number of competing ELSS products, the market has not seen many derivative players. The latter, in fact, is said to be an emerging segment for fund houses.

Mr Sandesh Kirkire, CEO, said Kotak Mahindra would focus on building equity assets in the coming months. The fund house currently occupies the eighth position in the league tables, after seeing an increase in its equity assets in recent times.

The MF is focusing on presenting Kotak Contra Fund, which will seek to invest in fundamentally strong companies that are undervalued due to temporary or non-recurring factors.

"We will try to reduce the waiting period inherent in contrarian investing by selecting companies that are on the verge of an upswing or are about to experience the outcome of positive changes like restructuring or cost-cutting," said Mr Nilesh Shah, President.

Top-level changes

KOTAK Mahindra MF has sought to fine-tune its organisational structure by implementing a number of people-related changes.

Mr Ajay Bagga, who had recently taken over as the head of the fund house, has put in his papers, while Mr Sandesh Kirkire, who supervised the fixed-income investments, has taken over as Chief Executive Officer.

Mr Nilesh Shah, who had headed PMS and client research at Kotak Securities, has been designated as the President of the MF. He was the Executive Director - Equity Strategy at Kotak Securities.

Both Mr Kirkire and Mr Shah, incidentally, have been with the Kotak group since 1994.

The MF has in recent times seen the departure of a few key personnel, including Mr Rushabh Shah, who had functioned as Chief Investment Officer.

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