L&T MF assets rise 76% to Rs 3,955 cr

L&T Mutual Fund today said the average assets managed by it have increased by 76% on a year-on-year basis to Rs 3,955 crore at the end of January.

L&T MF has completed its first year of operation since February 28, 2010, after the company was acquired by L&T Finance from Cholamandalam DBS Finance group.

"The closing assets under management has registered a rise to Rs 3,955 crore as on January 31, 2011, from Rs 2,245 crore as on February 28, 2010, a growth of over 76%," L&T MF said in a statement.

The total number of distributors have increased to 10,430 in February 2011, from 6,552 in the corresponding month a year ago.

"Our success in attracting sizable assets during difficult times makes us confident of achieving all round growth in the coming years," L&T Investment Management Chief Executive Sanjay Sinha said.

The company has added about 50,000 new folios during the past one year and opened 39 new branches.

"We have made good progress over the last one year in the asset management business as it has created a wider network and distribution strength," L&T Finance Holdings President and Whole-time Director N Sivaraman said.