SBI MF to launch four products

SBI Mutual Fund, one of the fastest growing asset management companies in the country, has decided to launch four new products this fiscal, while mulling an offshore fund and tie-ups with other banks to augment growth.

The AMC, which recorded a 26% growth in 2004-5, would launch a commodity fund, capital guaranteed fund, multi-cap fund and multi income plan floater by September, 2005, company managing director P G R Prasad said today.

The company has already applied to market regulator Sebi for the commodity fund, while applicaation for the remaining three would be made soon, he said.

The SBI MF  was also planning the launch of an equity-based offshore fund and was talking to designated partners.

It has also tied up with Andhra Bank, Federal Bank and some private sector banks in the southern region and was holding talks with Allahabad Bank to sell its products through its branches.

On the overseas front, SBI MF has tied up with local partners in Dubai and Kuwait. It would also join hands with local players in Muscat, Bahrain, Hong Kong and Singapore soon.

Meanwhile, SBI, sponsor of SBIMF, has entered into a joint venture with Societe General Asset Management (SGAM) of France to form SBI Funds Management.

Prasad said SBIMF, having Rs 6,595 crore worth of assets under its management, had 37% stake in the JV.