Mirae Asset Mutual Fund, which lost over 50 per cent of its assets under management (AUM) in the October redemptions, has slashed salaries across the board. The top management has taken a 30 per cent cut.
“We have normalised salaries, depending upon criticality of resources, across functions. The current measures will allow us to outlive this period of downturn, which, in our estimate, is good enough for two more years of slump,” said Arindam Ghosh, Chief Executive Officer (CEO), Mirae Asset Global Investment.
The asset management company (AMC) is planning to change the debt-equity equation of its AUM by introducing more equity funds. It is going to launch two funds, a tax saving and a sector leader fund, in the next few months. The latter fund will invest in large-cap companies that are leaders in their respective sectors.
Content Guide
