Markets

We want to be among the top 10 mutual funds in the country in the next decade: ITI Asset Management CEO

V.Sajeev Kumar Kochi | Updated on September 18, 2019 Published on September 18, 2019

ITI Asset Management is unperturbed by its late entry into the mutual fund market. As any new comer, they are confident that the under-penetrated Indian market offers good opportunities for more number of players.

“India is a growing market with the assets under management (AUM) of the mutual fund industry set to touch ₹100-lakh crore in the next 10 years from the current level of ₹25-lakh crore. This gives ample space for companies to grab a pie of the business,” George Heber Joseph, CEO & CIO, ITI Asset Management, said, when asked on being a late entrant in the mutual fund business.

Joseph, who was on an official trip to Kochi, told BusinessLine that the quantum of money that will chase financial assets in the next 10 years will be significantly high, considering the GDP of the country is expected to touch $10 trillion in a decade. “If we create a robust portfolio for investors in debt and equity and offer the right product at the right time, I believe there is opportunity for us to create a mark in the industry,” he said.

ITI Mutual Fund had collected ₹16 crore assets under management during the time of its launch on April 25 this year. That figure touched ₹33 crore as on August 31. To a question on the targeted business in the next one year, he said: “We have not set any target, but want to be among the top 10 mutual funds in the country in the next 10 years. We want to grow profitably by focussing on fund management and bottom up research and less on asset gathering.” Started with a four-member sales team, the company currently has 60 employees across the country. It plans to build a large team pan-India and 48 branches in the next two years. Asked whether it is a good time to invest, his reply was to quote American investor Warren Buffet: “Be fearful when others are greedy and be greedy when others are fearful.” “These alternate swings typically happens in Indian equity markets and provide opportunities for investors,” Joseph said.

“It is the best time to invest when past returns are bad in the asset class and people are pessimistically positioned to invest in stocks,” he said, adding that SIP is the best way to remove the clutter in the minds of investors.

New launch

With the launch of four funds, he said, the company will soon be coming out with a unique Balanced Advantage Fund in December.

Published on September 18, 2019
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