ICICI Prudential MF bets big on Gujarat market

Even as equity markets continue to fluctuate amid global economic concerns, asset management companies are betting big on Gujarat market for increasing their customer base and generate more business.

Private sector mutual fund company, ICICI Prudential Mutual Fund is eyeing to increase its retail penetration in Gujarat, where the company has largest presence among other states. "Gujarat is a major market for us to expand our operations. Considering the large investor base in different parts of the state, we are hopeful for a robust growth in business here," said Nimesh Shah, managing director and CEO, ICICI Prudential MF.

ICICI Prudential MF has a total assets under management (AUM) worth Rs 78,000 crore, of which Rs 1,443 crore is managed from Gujarat. Shah mentioned that in Ahmedabad alone, company manages average AUM worth Rs 641 crore as on August, 2011.

The company has around 262,000 investors in Gujarat. However, he declined to give projections of growth for the current financial year.