Peerless MF aims to make profit in FY17

Peerless Fund Management Co Ltd (PFMCL), which has an asset under management worth Rs 1,150 crore, is looking at making profit next fiscal from new fund offerings.
"We also hope to make profit from fund operations next year," Rajiv Shastri, MD and CEO of PFMCL, said today.
The fund house began its journey in 2010 and has been incurring losses, mainly due to heavy investments on marketing infrastructure.
The fund house intends to mop up Rs 50 to Rs 60 crore from its two new fund offers.
It has launched a mid cap (Nifty Mid-cap 100 bench marked) fund and a S&P BSE 100 bench marked long-term equity linked savings scheme this month.

The mid cap fund opened on November 16 and will close on November 30. The equity linked savings scheme opened on November 9 and will close on December 21.
Peerless Mutual Fund already has seven different funds -- four debt funds, two hybrid funds and one equity fund, Shastri said.