WebinarsNew
Explore Business Standard
Nuvama Wealth Management Ltd on Wednesday said it has received final approval from markets regulator Sebi to commence mutual fund operations through its asset management arm, Nuvama Asset Management. The approval paves the way for the company to establish its mutual fund business and expand its asset management offerings. Nuvama said its asset management company will initially seek regulatory approvals to launch investment products under the Specialised Investment Fund (SIF) framework, followed by a broader range of mutual fund products over time. In a statement, the company said the development strengthens its position as an integrated wealth and asset management platform and will enable it to offer a wider range of investment solutions across investor segments. "Sebi's approval to establish our mutual fund business is another important building block in Nuvama's integrated wealth and asset management platform," Nuvama Group Managing Director and Chief Executive Officer Ashish Keh
AlphaGrep Investment Management is set to enter the mutual fund industry with the launch of its first scheme next month and is targeting assets under management (AUM) of Rs 25,000-30,000 crore over the next three to five years, a top company official said. The move comes after the company received approval from the Securities and Exchange Board of India (Sebi) to commence mutual fund operations. The company's maiden new fund offer (NFO) -- a multi-asset allocation fund -- will open for subscription on July 6 and close on July 20. The scheme will invest in equity and equity-related instruments, debt and money market instruments, as well as gold, silver and other permitted commodity exchange-traded funds (ETFs). "We are targeting an AUM of Rs 25,000-30,000 crore in the next three to five years," AlphaGrep Investment Management Chief Executive Officer Bhautik Ambani told PTI. He said the asset management company will focus on quantitative equity and hybrid strategies driven by advance