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New Delhi, Sept. 25

Religare AEGON Asset Management Company on Thursday announced that it has received the final regulatory approval from the Securities and Exchange Board of India (SEBI) to launch mutual fund business in the country. The AMC is looking at launching its first product for the Indian retail investor by November-December this year.

“We will be shortly filing for both debt and equity products with the regulator. The AMC will have close to 15 operational branches at the time of the first product launch and this will increase to around 30 branches in over 25 cities by March 2008”, Mr Saurabh Nanavati, Chief Executive Officer, Religare AEGON Asset Management Company said in a statement.

Over the next 2-3 years, the AMC will focus on creating wide reach across India especially in Tier-II and Tier-III cities, with an initial target of opening at least 100 branches in the first 2 years of operations and offering the entire range of products across the client’s asset allocation spectrum, the company statement said.

Religare and AEGON have partnered to establish Religare AEGON Asset Management Company. Both partners in the joint venture will have equal ownership in the company. The JV would offer mutual fund and investment products to the investing community in India and overseas.

More Stories on : Mutual Funds | Asset Management Companies

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