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Andhra Bank to distribute Tata MF products
HYDERABAD: Andhra Bank took another step towards achieving its target of Rs. 500 crores in mutual fund product distribution this year, by signing a memorandum of understanding with Tata Asset Management which manages the Tata Mutual Funds. T. S. Narayanasami, Chairman and Managing Director of Andhra Bank, said after signing the agreement here on Wednesday that this was the third mutual fund with which it had signed an MoU for distribution of products.Ved Prakash Chaturvedi, Chief Executive Officer of Tata Asset Management, said assets under management grew from Rs. 4,000 crores in March 2004 to Rs. 6,000 crores by September. They plan to launch a portfolio management services by November, and an offshore fund (dollar denominated) for global investors by January.
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