The Hindu Business Line : LIC Mutual plans to double AUM this year

LIC Mutual Fund, which at end-July had managed funds of Rs 2,988 crore, plans to double the figure this year, the Chief Executive, Mr N. Mohan Raj, told journalists here on Monday.

Mr Raj said the new schemes would be both in equity and debt. He said the debt market still had "some steam." At present, the fund's equity assets account for about 15 per cent of the total assets under management. This, he said, would go up to at least 25 per cent by the end of the year.

Asked if LIC Mutual was looking to buy out other funds, Mr Raj said the company was "open" to opportunities.

On LIC Mutual's USP, Mr Raj said it was the weight of its parent,LIC.

He said LIC Mutual was looking for tie-ups with banks for distributing its products. He also said the company was interested in starting a pension fund and was working towards obtaining approvals.

LIC Mutual has a client base of about 2.2 lakh and around 5,700 agents, Mr Raj said.

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