MUMBAI, May 11: LIC Nomura Mutual Fund is open to acquisitions to grow its asset base and is evaluating a few options in this space, a top company official said.
“We are evaluating a few options, but has not taken any decision,” LIC Nomura MF Chief Operating Officer Anutosh Bose told PTI.
He declined to give any enterprise value of any such possible acquisition, saying that company’s board has given a nod without putting any cap on capital.
Bose also said the acquisition doesn’t only aim to increase the assets under management (AUM), but will also look at adding sound investor base.
LIC Nomura Mutual Fund, which had an average AUM of Rs 10,584 crore by the end of last fiscal, aims to grow it to Rs 15,000 crore during this fiscal.
The fund house, which has around 15 per cent of assets under equity category with rest coming from debt products, also hopes 20-25 per cent asset growth in these categories.
“We also see more contribution coming from retail investors in the coming time,” Bose said.
Talking on new product launches, he said the company is planning to come up with a few diversified close-ended equity products along with some debt products in the current financial year.
Bose also said the fund house may launch a global fund going ahead.
LIC Nomura Mutual Fund is the tie up between insurance major LIC and Japan-based Nomura, with LIC holding 65 per cent stakes in the joint venture. (PTI)
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