Financial Daily from THE HINDU group of publications
Thursday, Mar 16, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 16, 2006 |
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Markets
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Mutual Funds LIC Mutual expects AUM of Rs 8,000 cr Our Bureau
Chennai , March 15 LIC Mutual Fund expects `assets under management' to cross Rs 8,000 crore in the current year, compared with Rs 2,895 crore as at the end of last year. Earlier, the company's Chief Executive, Mr N. Mohan Raj, had predicted that the AUM for the current year would be around Rs 6,000 crore. The performance has exceeded expectations, with the AUM touching Rs 7,240 crore as on February 28. At a press conference here recently, Mr Mohan Raj said LIC Mutual Fund's performance showed that it was not hampered by the absence of a foreign partner. With a client base of 2.2 lakh and 5,700-odd agents, it is a formidable player in the mutual fund industry, he said. Meanwhile, under the `Fixed Maturity Plan Series-V', subscription for which will close on March 17, LIC Mutual Fund expects to collect at least Rs 500 crore.
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