ICICI Prudential targets Rs 1,00,000 cr AUM by year-end

With increased focus on debt funds and the retail market, ICICI Prudential Mutual Fund, the joint venture asset management company, expects to reach Rs 1,00,000 crore asset under management (AUM) mark by the end of the current financial year, compared with Rs 60,000 crore at the end of 2007-08.

At present, out of the total funds managed and advised by the company, roughly about 40 per cent consist of equity, and 60 per cent debt.

"Over the last five to six months, we are focusing more on debt funds, especially in the retail segment, due to an increase in demand for debt products. We expect the trend to continue. By March 2009, we may see more shift towards debt products. However, this is a good time to remain invested in equity funds," said ICICI Prudential Managing Director & CEO Nimesh Shah.

 

However, the company will retain its focus on equity markets and intends to launch two-three equity products over the next six months. "We are more focusing on retail investors, rather than big ticket investors and volumes," Shah said.

This year, ICICI Prudential plans to open 40 more branches, in addition to its existing 235 branches.