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Bajaj Finserv Asset Management, the latest entrant into the mutual fund (MF) business, has filed papers with the market regulator SEBI, for launching seven new fund offers to establish itself as a prominent player.
One of the largest financial service providers, Bajaj Finserv received SEBI approval for launching MF business last month.
It plans to launch in major equity categories such as flexi-cap, large- and mid-cap, balanced advantage and arbitrage funds. It will also make its entry into debt funds with the launch of liquid fund, money market and overnight fund.
Also read: Ambit Finvest, Bajaj Finserv Direct join hands for digital lending platform for MSMEs
Volatility hits equity MFs
The sharp volatility in equity markets has hit the performance of the MF industry’s equity schemes in the 11 months of this fiscal. The NFO collections also suffered due to a three-month ban imposed by SEBI in the first three months.
Fresh funds raised by the mutual fund industry in 11 months of this fiscal was down at ₹53,778 crore against ₹95,165 crore logged in the same period last year.
NFOs on debt funds, especially that of Target Maturity Fund, were a hit with investors last fiscal; funds raised through the NFOs had hit a high of ₹14,802 crore (₹8,780 crore), while that of equity NFOs plunged 46 per cent to ₹25,752 crore (₹47,613 crore).
Also read: SEBI allows private equity funds to become sponsors of mutual fund companies
Management team
The management team of Bajaj Mutual Fund includes Chief Investment Officer, Nimesh Chandan, who was the Head – Investments (Equities) at Canara Robeco AMC, and Ganesh Mohan, who will be the Chief Executive Officer of the newly-formed mutual fund house. Sanjiv Bajaj is the Chairman and Managing Director.
With the addition of mutual fund business, Bajaj Finserv now offers a complete range of financial services, including asset acquisition and lifestyle enhancement through financing, asset protection through insurance, family protection through life and health insurance, healthcare needs for the family, savings and investment products and retirement planning.
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