Axis asset arm eyes place among top-10 money managers
Bloomberg / Aug 23, 2009, 00:10 IST
Axis Asset Management Co, backed by India’s fourth-largest bank, aims to be one of the nation’s top 10 money managers in the next five years, according to Chief Executive Officer Rajiv Anand.
Anand said he expected to receive approval from the stocks regulator to start operating the mutual fund business, set up in January, soon. He plans to offer funds from October and more than double the team to 100 people from 40 by March next year. India’s funds industry has quadrupled in size over the past five years. Assets under management (AUM) at mutual funds swelled more than four times to Rs 6.9 lakh crore in the five years to July.
Almost half of India’s 1.1 billion people are under 25 years old. They’re spending more on electronics, clothes and cars as incomes grow along with the economy and credit becomes more accessible. “It’s a great time to be entering the business,” Anand said in an interview in Mumbai today. “Indian mutual funds that are backed by strong sponsors are witnessing faster growth in their AUM than peers.”
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