Mirae Asset MF eyes Rs 10,000-crore AUM by December

MUMBAI: Mirae Asset Mutual Fund is targeting assets under management (AUM) of Rs 10,000 crore by December, a top company official said today.

Moreover, the private fund house is looking at crossing AUM of Rs 5,000 crore for its flagship scheme, India Opportunities Fund, by the end of this year, Chief Executive Swarup Mohanty said.

Besides, the fund house is planning to double its systemic investment plan (SIP), in terms of both folio and value, by end-2017, he added.

As of now, the AUM of the company stands at Rs 7,700 crore, which comprises Rs 7,200 crore in equities alone.

"At Mirae Asset MF we are looking at achieving Rs 10,000-crore AUM, from the existing mark of Rs 7,700 crore, by December," Mohanty told PTI here.

He was speaking on the sidelines of launch of a new scheme, Dynamic Bond Fund. The scheme's new fund offer will open on March 3, close on March 17 and reopen on March 27.

The fund house has a total of nine products in its bouquet of offerings, including the newly launched Dynamic Bond Fund. The company has six equity products and three under debt category.

Talking about the company's flagship multi-cap scheme India Opportunities Fund, he said, "We are looking at crossing AUM of Rs 5,000 crore for the fund from Rs 3,000 crore now, by December.

The fund house had 1.7 lakh folios under SIP with a monthly flow of Rs 73 crore as on December 2015, up from 54,000 folios and a monthly flow of Rs 24 crore a year ago.

"We are now looking at doubling the SIP, both in terms of folios and monthly flow of funds, by December-end," said Mohanty.

About Dynamic Bond Fund, he said, "We are expecting to mop up Rs 75 crore during its very NFO period."