The Hindu Business Line : Edelweiss gets SEBI’s nod for MF foray

“The Indian mutual fund industry has been growing at a rapid pace of 47 per cent year-on-year over the last five years. However, current penetration levels are just 3-4 per cent, clearly indicating the vast untapped potential. With an increasing percentage of population moving towards a higher savings and investment mindset, opportunities exist to take advantage of this shift,” said Mr Jimmy A Patel, Chief Executive Officer, Edelweiss Asset Management Ltd.

Registration has been granted to Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management Ltd to act as investment manager to Edelweiss Mutual Fund.

“The plan to launch a mutual fund is in keeping with our long term strategy of building a diversified financial services company offering products and services across asset classes,” Mr Rashesh Shah, Chairman, Edelweiss Group whose business already includes broking, and investment banking, among other services.

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