SBI MF aims at Rs 90,000 cr AUM mark, top 5 ranking by FY '15

SBI Mutual Fund is eyeing entry in the top-5 club of the domestic mutual fund sector by financial year 2015.
"We are hoping to end the year with Rs 90,000 crore AUM from Rs 77,000 crore now. With this, we would like to be one of the top five MF companies," SBI MF managing director & CEO Dinesh K Khara said here today.
SBI MF ranks sixth in the MF industry currently.
Speaking at the launch of three-year close ended SBI Equity Opportunities Fund Series-I in the East, Khara said, "I am pacing accordingly for the top five league."
He said the AUM gap between its immediate competitor was around Rs 17,000 crore, which had come down to Rs 9000 crore.

SBI Mutual ED & chief marketing officer D P Singh said they are targeting in excess of Rs 1,000 crore in collection from this first close ended equity fund since 2010.

"We have opened 51 new branches in January taking the number to 161, to expand our reach to retail investors. These new branches will act as hub and spoke model with independent financial advisors and distributors," Khara said.
Speaking about the fund, the company said, the fund will invest in a well-diversified portfolio of equity and equity-related securities across market capitalisation and sectors.
"We have identified about six sectors and 40 stocks for this fund. The fund will remain open from September 11-25," Khara said.