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Bajaj Finserv Asset Management Company plans to work with third party providers to launch a one-stop investment platform for mutual fund distributors for facilitating them to make all their online transaction without hassle.
The platform will feature schemes of all mutual funds and various other financial products of group companies such as fixed deposit, insurance and loans under one roof.
Ganesh Mohan, CEO, Bajaj Finserv AMC said the fund house has empanelled over 35,000 mutual fund distributors and half of them were onboard through WhatsApp.
On interaction with the on-boarded distributors, it was found that they have to deal with different AMCs separately and hence a business-to-business platform is being developed for them to transact with all the mutual funds on one platform, he said on the sidelines of Bajaj Finserv ‘Market Symposium’ held on Tuesday. It would be free of charge for distributors at least for a couple of years, he said.
Investment via WhatsApp
Going ahead, he said in a bid to make the investment process simpler, the fund house will soon start accepting investment through WhatsApp. “We will rely heavily on technology to grow the business and if need be tap into the group’s physical presence for providing services in smaller cities,” said Mohan.
Bajaj Finserv AMC expects the asset under the management of mutual fund industry to touch₹130 lakh crore in six years from the current ₹50 lakh crore on back robust economic growth.
The country’s GDP (Gross Domestic Product) will touch $7.3 trillion by 2030 from $3.8 trillion logged last year. This will push GDP per capita to $4,500 by 2030 from $2,450 and leave more money in the hands of people to invest.
The unique investors count identified by PAN in the industry will touch 12 crore from 4 crore, he said.
Bajaj Finserv AMC is in the process of launching new products to complete its product offering basket and will launch a large and mid-cap fund in February. It is waiting for SEBI approval for a multi asset and ultra short term funds which is expected to be launched in 3-4 months.
Selecting the right investment product with differentiation will be the unique selling proposing for the fund house, said Mohan. The first equity offering of the fund house Flexi cap fund had raised ₹1,000 crore during the new fund offer and the AUM has already touched ₹2,000 crore in last four months, he added.
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