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BoB MF targets Rs 1,000-cr assets
New Delhi, Aug 31: BoB Mutual Fund is aiming a near five-fold increase in assets at Rs 1,000 crore by this fiscal, even as it ruled out any mergers and acquisitions.
New Delhi, Aug 31: BoB Mutual Fund is aiming a near five-fold increase in assets at Rs 1,000 crore by this fiscal, even as it ruled out any mergers and acquisitions.
"We are expecting Rs 1,000 crore assets under management (AUM) by March 31, 2004 as compared to Rs 190 crore in the previous year," BoB Mutual Fund managing director NL Khurana said here.
BoB Asset Management Company, a fully-owned subsidiary of Bank of Baroda, had assets worth Rs 110 crore in 2001-02.
The fund had nine schemes, including Balance and Growth Fund, whose initial public offer opened on August 14 and closes on September three and would be open for regular subscription from September 10.
Among the schemes, four of them -- Income Fund, Liquid Fund, Gilt Fund and Short-term Fund -- had primarily invested in debts and had been giving 7.67 per cent, 5.25 per cent, five per cent and 6.5 per cent, respectively.
Asked whether any M&As were on the cards, in the light of consolidation in the Rs 100,000 crore mutual fund industry, he replied in the negative.
The mutual fund industry had been witnessing increased M&As with Pioneer ITI being taken over by Franklin Templeton, HDFC Mutual Fund buying Zurich Fund's business, the US-based Principal Group buying IDBI's stake in their joint venture and Principal buying out another fund Sun and F&C.
Bureau Report
BoB Asset Management Company, a fully-owned subsidiary of Bank of Baroda, had assets worth Rs 110 crore in 2001-02.
The fund had nine schemes, including Balance and Growth Fund, whose initial public offer opened on August 14 and closes on September three and would be open for regular subscription from September 10.
Among the schemes, four of them -- Income Fund, Liquid Fund, Gilt Fund and Short-term Fund -- had primarily invested in debts and had been giving 7.67 per cent, 5.25 per cent, five per cent and 6.5 per cent, respectively.
Asked whether any M&As were on the cards, in the light of consolidation in the Rs 100,000 crore mutual fund industry, he replied in the negative.
The mutual fund industry had been witnessing increased M&As with Pioneer ITI being taken over by Franklin Templeton, HDFC Mutual Fund buying Zurich Fund's business, the US-based Principal Group buying IDBI's stake in their joint venture and Principal buying out another fund Sun and F&C.
Bureau Report