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K.R. Srivats

New Delhi, July 12 Lotus India Mutual Fund plans to launch a pure gilt fund as well as a long-term debt fund in the next three months, Mr Ajay Bagga, Chief Executive Officer of Lotus India Asset Management Co Pvt Ltd, said here on Wednesday.

“We are convinced that this is the right time to look at a gilt fund and long term debt fund as interest rates have peaked. The policy risk on interest rates has reduced”, Mr Bagga told Business Line here today.

Mr Bagga does not expect the Reserve Bank of India to effect any interest rate hike in the forthcoming quarterly review of monetary policy on July 31.

The total assets under management of Lotus India AMC as on Wednesday is about Rs 5,500 crore. Lotus India AMC, which is a joint venture between Fullerton Fund Management Group and Sabre Capital Worldwide, had launched its first fund (Lotus India liquid fund) in November last year.

After the liquid fund, a series of products such as Lotus India Tax Plan, Lotus India Liquid Plus, Lotus India Short term plan, Lotus India Contra Fund, Lotus India Mid Cap fund, Lotus India Arbitrage fund and series of fixed maturity plans across varying maturities have been launched. “Our strategy is to launch lot more funds (including overseas funds) in the coming days so that a good track record is built up. We also want to bring lot of innovation in our products. The Agile fund that we propose to introduce is one such effort. Last week, we filed the papers with SEBI for launch of this fund”, Mr Bagga said.

He expects the AUM to grow to level of about Rs 25,000 crore over the next three years. “Initially, we had targeted this level over a five year period. But going by the growth seen in the recent months, we hope to achieve the Rs 25,000 crore AUM level in next three years”, Mr Bagga added.

Plans are afoot to expand presence across the country from existing 55 locations to about 500 locations by March 2010.

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Lotus Mutual Fund plans to launch gilt, long-term debt funds in 3 months

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