The Hindu Business Line : Sun F&C aims at 100 pc growth this fiscal

SUN F&C Asset Management Company has set a target of 100 per cent growth in the amount of fund under its management during the current financial year.

The asset management company, which at present has a corpus of around Rs 800 crore plans to have Rs 1,600 crore under its fold by the end of the current financial year, for which, it will be looking at both organic growth through launching of new schemes as well as inorganic growth through the acquisition route, according to Chief Executive Officer (CEO) of the company, Mr Nikhil N. Khattau.

During fiscal 2001-02, the total funds at the company's disposal had actually come down from around Rs 1,100 crore in April 2001 to around Rs 800 crore at present.

As part of the organic growth process, the company today launched its new open-ended income scheme — Fixed Income Securities Fund — dedicated to invest in fixed income securities including an international plan to invest in foreign debt securities.

The Chief Executive Officer (CEO) of the company, Mr Nikhil N. Khattau, told presspersons that the new scheme offers the investors four schemes to choose from.

"There are two parts of the scheme — one domestic and one international. The domestic plan will offer the investor to choose between short, medium and long-term plans,'' Mr Khattau said.

Simultaneously, the international plan will enable the investor to diversify his portfolio investment across various currencies and different economic cycles and will minimise risks of rupee depreciation, he said.

The company has permission to invest up to Rs 20 crore in the international plan and thus the offer document provides the investor with the option to invest in the domestic plan in case of over-subscription. As far as the acquisition route is concerned, Mr Khattau, said that the company is in talks with other mutual funds as well as banks, but nothing is finalised as yet.

Send this article to Friends by E-Mail

Stories in this Section
Re down; gilts perk up

TCS solution for Societe Generale

Rating awareness on the rise: ICRA

$6-b ADB aid for India in next 3 years

Indian Bank posts net profit after six years

Sun F&C aims at 100 pc growth this fiscal

`State role in financial sector receding'

Urban co-op banks seek RBI nod to approach DRT

Probe into funds transfer by banks