New Delhi: Private sector mutual fund house
Religare AMC, a relatively new but fast-growing player, on Thursday
said that abolition of entry load charged to investors will
benefit the company and the industry as a whole.
"The abolition of the entry load this year is expected to
bring about a sea change in the way the AMC business
functions," Religare Asset Management Company`s CEO and MD
Sunil Godhwani said.
The development would benefit Religare`s mutual fund
business going forward, he added.
The company has increased its market share to 2.2 per
cent from 0.8 per cent, while its assets under management
(AUM) have grown to USD 2.96 billion (around Rs 14,500 crore)
for August 2009 from USD 300 million in November 2008.
While the company remains a small player compared to many
others, it has moved up to the 13th position among the three
dozen AMCs operating in India. It had entered the segment with
acquisition of Lotus AMC in November 2008.
"The success story of the AMC business is reflective of
our style of managing various businesses as well as the way we
have empowered our capable management team that crafted the
success story," Godhwani said.
Religare AMC has more than 2,00,000 clients and a
presence in more than 50 cities. Combined average AUM of the
country`s 36 fund houses have reached Rs 7,49,911.91 crore at
the end of August.