Anand Rathi Wealth Q1 net profit surges 38%; Canara Robeco MF launches BAF

Anand Rathi Wealth's consolidated net profit rose 38 per cent year-on-year (Y-o-Y) to Rs 73 crore in the first quarter (Q1) of the current financial year.

Total revenue also jumped 38 per cent to Rs 245 crore, the wealth management firm said. Its revenue from mutual funds increased 70 per cent Y-o-Y to Rs 89 crore and the net inflows grew by 178 per cent to Rs 3,364 crore.

According to the company, its assets under management (AUM) went up 59 per cent to Rs 96,081 crore in Q1. The number of client families rose 19 per cent to 10,382. 

Canara Robeco MF launches BAF

Canara Robeco Mutual Fund on Thursday announced the launch of its balanced advantage fund (BAF). The hybrid offering will dynamically adjust the equity and debt allocations based on a three-factor asset allocation model, the fund house said, adding that the three factors will be trailing price-to-book ratio, equity risk premium and forward price-to-earnings ratio.

"The gross allocation of the fund will be 65 per cent or more towards equities, which will ensure equity taxation for investors. Rest will be invested in debt and money market instruments," the fund house said. The scheme will use a top-down approach for sector allocation and bottom-up selection for stocks, which will be a blend of compounders and cyclicals.