Essel Finance has forayed into the mutual fund business and expects to have an asset base of ₹1 lakh crore in the next 7-8 years.
Essel Finance is the umbrella brand for the financial businesses of the $10-billion conglomerate, Essel Group, founded by Subhash Chandra.
Doubling AUM
“We feel that the mutual fund industry will double its assets under management (AUM) in the next five to six years,” Essel Finance managing director Amitabh Chaturvedi said in a statement.
“At Essel Finance, our aim is to get a large pie of this growth with ₹1 lakh crore AUM for Essel Mutual Fund in the next seven to eight years,”he said. In November last year, Peerless Group, a Kolkata-based financial services major, sold its mutual fund business to Essel Finance management. Assets under management of Peerless General Finance stood at ₹9,554 crore as on March 31.
