Reliance Asset eyes global growth

Talking about the future growth plans in terms of acquisitions, Vikrant Gugnani, chief executive officer, said the company was looking at expanding globally rather than in India.

"In the next five years we would like to be a global AMC. We are looking for acquisitions abroad," he added.

The leading fund house in the country received the license to commence investment management business in UK.

The UK subsidiary, Reliance Capital Asset Management UK, would be rolling out the products in another six months time.

"First we will be offering investment advisory services, and then after working on the suitable product portfolio we would be launching the products," Gugnani said here after the launch of its latest plan, "SIP +Insure".

Commenting about the subsidiary at Singapore, the CEO added that it rolled out the $200 million India Equity Growth Fund recently.

The company planned to expand in the Persian Gulf area, in markets like Kuwait, Muscat, Egypt and Bahrain.

Commenting about the recent market conditions, Gugnanai said the firm had not seen any redemption pressure as yet and in fact, SIP sign-ups had risen.

"There has been a 30-45 per cent increase in the SIP sign-ups from March 2008, with the average monthly sign up being 55,000-60,000," he said.

The present asset under management of the company was pegged at Rs 10,0000 crore, with the cash component being Rs 8,000 crore.