Tata MF awaits favourable market level to launch equity fund

Tata Mutual Fund is waiting for the market level to come down before it launches its new equity scheme, for which it has already received approval from market regulator SEBI, a senior official said here today.
"We are waiting for the market to come down to the level of 7,000 to launch a new equity product as we have already received SEBI approval for the same. Still, we think that entering the market at this point may not be good for our company.
"In case it doesn't happen, we may not launch the proposed equity fund during the current fiscal," Tata Asset Management Managing Director and CEO Arvind Sethi told PTI, on the sidelines of Tata Mutual Fund's inter-collegiate nationwide quiz competition on finance here today.

Tata Asset Management manages funds across the entire risk-return continuum. These include equity funds, hybrid funds and debt and money market oriented funds. These include equity funds, hybrid funds and debt and money market oriented funds.
"We've a full range of funds in equity and debt with the total number of products being 50. It's only when you keep launching funds that money comes in. That is the feedback of the industry. We are just not launching too many funds, because we want funds which we have already launched to grow," Sethi said.
Established in 1995, Tata Mutual Fund presently has a network of 72 branches and currently manages an asset base of Rs 24,543.83 crore (quarterly average assets under management for the period July-September 2014) from an investor base of 9,92,095 investors (as on 31 March 2014). The company plans to increase its market share to three per cent and it has already chalked out a strategy to achieve the same.