“We are working on the launch--we hope to launch it somewhere next year. I don’t have a date more specific than that,” Bajaj Finserv managing director Sanjiv Bajaj said
Financial services major, Bajaj Finserv, plans to launch its asset management business by next year, a top company official said.
"We are working on the launch--we hope to launch it somewhere next year. I don't have a date more specific than that," Bajaj Finserv managing director Sanjiv Bajaj told PTI today.
The firm will invest Rs50-Rs75 crore in the AMC business with its joint venture partner Allianz, he said.
"The important thing is to build a strong retail business, that's what we are focused on. We think that's the need and that's also the longer term opportunity," he said, adding that the company had not finalised team for the AMC.
The firm is also interested in entering the banking business, he said. "We are still awaiting the new banking guidelines. We will look at it. However, we cannot take a decision unless we see the final guidelines," he said.
Bajaj Finserv plans to disburse loans worth Rs10,000-crore this year, of which loans worth Rs800-Rs1,000-crore would be given to Central Bank of India to the retail and small and medium enterprises (SMEs) under a co-financing arrangement, he added.
Bajaj Finserv and Central Bank of India have partnered to co-finance the retail and SMEs loans. As per the alliance, the retail and SME loans would be partially assigned to Central Bank of India.
The firm has reported a 57 fold increase in its consolidated net profit at Rs140.89-crore for the fourth quarter ended 31 March against Rs2.46-crore in the year-ago period.
Principal Mutual Fund new issue closes on 19th May
Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan Series 91 Days-Series XXIX, a close-ended scheme.
The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money market instruments and government securities.
The new issue closes on 19th May. The minimum investment amount is Rs5,000. Shobit Gupta is the fund manager.
Birla Sun Life Mutual Fund new issue closes on 30 May 2011
Birla Sun Life Mutual Fund has launched Birla Sun Life Capital Protection Oriented Fund-Series 6, a close-ended capital protection oriented scheme. The duration of the scheme is 761 days. The new issue closes on 30 May 2011.
The investment objective of the scheme is to provide capital appreciation linked to equity market with downside protection at the end of tenure. Fund expects to achieve down side protection by investing in debt securities with tenure comparable with the tenure of the plan, subject to the credit risk. Fund expects to achieve the market-linked appreciation (upside) by investing in premium of exchange traded options.
The minimum investment amount is Rs5,000. The benchmark index for the scheme will be CRISIL Balanced Fund Index. The fund manager will be Satyabrata Mohanty and Ajay Garg.