IDBI Mutual Fund aims to increase the share of equity assets to 20-25 per cent of its total business from the existing five per cent.
According to Debasish Mallick, Managing Director and Chief Executive Officer of IDBI AMC, the company would focus on launching new products and improving its distribution network to shore up its equity business.
IDBI’s assets under management in equity portfolio stand at about Rs 300 crore. Its total AUM as on December 31, 2012 was at Rs 6,256 crore.
“In the last three years of our operations, we have primarily focused on debt funds as the market sentiments were not too conducive for equity products. With markets now picking up, we want to launch equity funds,” Mallick said at a press meet to announce the launch of IDBI RGESS (Rajiv Gandhi Equity Savings Scheme – Series I) here on Thursday.