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Journalism of Courage
Axis Asset Management Company Limited (Axis AMC) promoted by Axis Bank (formerly UTI Bank) has received the final regulatory approval from the Securities & Exchange Board of India (Sebi) to launch its mutual fund business in the country. Axis AMC now aims to launch its first set of products in October 2009.
Axis AMC will shortly be filing for both equity and debt products. These offerings should be available by October/November of this year, it said on Sunday.
UTI Bank was promoted by the erstwhile Unit Trust of India. UTI Mutual Fund which was created after the restructuring of the UTI is already a major fund house in India. Rajiv Anand,MD & CEO of Axis AMC while making the announcement said,The asset management industry in India is amongst the fastest growing financial services businesses from across the globe. With a growth rate of over 30 per
cent CAGR during the last 6 years,the mutual fund business presents an interesting
opportunity.
It is a fairly crowded investment market but we think that there is great merit in delivering solutions rather than just launch products. It is this investor centric approach built on customer oriented communication,long-term relationships and enduring wealth creation that will seek to differentiate Axis Mutual Fund. We will aim to be amongst the top 10 fund houses in the country within the next 4-5 years, Anand said.
As of now,38 asset management companies are registered with Sebi.
