IDBI Mutual Fund is planning to come up with three to four new products in both debt and equity space in the current financial year and also aims to achieve break-even by FY15, a top company official said.

“We plan to launch three to four products in the debt and equity segments in the current financial year in order to tap the emerging opportunities in this space,” Managing Director and Chief Executive Officer of IDBI Asset Management Company, Mr Debasish Mallick told PTI.

He also said that the product to be launched in the equity space would be hybrid in nature like a balanced fund.

The company will also come up with a fund of funds scheme in gold segment this fiscal, where retail investors can invest through systemic investment plan (SIP) route.

IDBI Mutual, a wholly owned subsidiary of IDBI Bank, is also hopeful of achieving break-even by 2014-15.

“Taking into account the growth rate of the company, we hope to be break-even by 2014-15,” Mr Mallick said, adding that the AMC is fully capitalised as of now and may not need any fund from the parent in ongoing fiscal.

Till date, IDBI Bank has invested Rs 75 crore in the AMC.

Talking about the new fund offer (NFO) of IDBI India Top 100 Equity Fund, Mr Mallick said that the NFO was able to collect Rs 70 crore, mostly from the retail investors.

“Given the market condition, Rs 70 crore of investment in an equity NFO was an encouraging response. Also, most of the money has been collected from retail investors, which gives stability to portfolio of the fund,” he said, adding that the fund is now open for investment from May 25 for investors.

About distribution, he said majority of the collection is coming from IDBI bank branches coupled with distributors.

“We are strengthening our marketing efforts with focussing on distribution channel,” he said.

Mr Mallick, however, said that the company has no plans to hire fund managers as of now.

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