Madurai Area Office targets doubling of business
At present, it has a market share of 5 per cent
It has tie-up with Nomura Asset Management Company
MADURAI: LIC MF, the mutual fund established in 1989 by the country's largest insurer, Life Insurance Corporation of India, is aiming to break into the top five MFs in the country from its present sixth position, according to its Chief Marketing Officer Ravi Chaudhary.
The company has been almost doubling its business for the past two years and is on track to maintain such a growth rate.
At present, it is having a market share of 5 per cent and has Rs. 42,303.96 crore in assets under management, he said. Mr. Ravi Chaudhary was interacting with journalists here on Wednesday after inaugurating a new building of the Area Office.
In order to bring in expertise in equity and technology, LIC MF had tied up with Nomura Asset Management Company, a Japanese enterprise which is among the largest companies in Asia.
With the major task of obtaining clearance from Reserve Bank of India and Securities and Exchange Board of India already completed, the joint venture could be expected to take off in three months, he said.
The company has 26 Area Offices across the country with four more to be opened within this year and over 100 business centres. It is also undertaking a campaign to increase business from tier II and III cities.
Speaking about local business, he said that business potential was high in Madurai, where an Area Office was established last year and whose new office he inaugurated on Wednesday.
The Madurai Area Office was targeting a doubling of business this year from the last years' level of Rs. 50 crore, he said.
R. Palaniswamy, Joint General Manager (Marketing), said that the MF was focussing on spreading customer awareness especially among the small and medium enterprises through investor education campaigns, which are also being held in several regional languages.