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| Shinsei to enter AMC space in India; to launch 3 funds by July |
| Press Trust of India / New Delhi Jun 10, 2009, 15:45 IST |
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Shinsei Mutual Fund, an arm of Japan-based Shinsei Bank, will launch three fund offers in India by July-end this year, marking its foray into the country's asset management space.
"Timing is opportune to enter as investors are regaining confidence in the mutual fund space. By July end we would come out with three new fund offers for India," Shinsei AMC, India, Chief Executive Piyush Surana said.
The company plans to launch three new fund offers — Shinsei Liquid Fund, Shinsei PSU Bonds Funds and Shinsei Industry Leaders Fund — within two months, for which it has got the clearance of market regulator Sebi last week.
"We aim to achieve break-even within 3-5 years," he said, adding "currently we are assessing the market scenario and Shinsei AMC would bring in another 6-8 funds in next 18 months accordingly."
Of the new fund offer, the liquid fund and the PSU Bond fund would be in the ultra-short term fund category with a lock-in of one year, while the Industry Leaders Fund would be a equity fund and invest in companies with track record of growth in profit, sales and having substantial market share.
At the end of May, the 35 fund houses in the country had a cumulative average assets under management (AAUM) of Rs 6,39,129.82 crore.
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