Axis MF sees 40% mop up from Tier-II, Tier-III cities for new fund

Asset management firm sets overall collection target of Rs 1,000-1,500 cr during NFO period

Axis Mutual Fund expects nearly 40 per cent subscription for its newly launched Axis Dynamic Fund to come from Tier -II and Tier-III cities.

The asset management company has set an overall collection target of Rs 1,000-1,500 crore during the new fund offer (NFO) period. The new fund, an open-ended equity scheme, opened on July 11 and will close on July 25.

"We are betting big on Tier-II and Tier-III cities. We expect that 40 per cent of the targeted collection of the NFO will come from beyond the first fifteen cities. The awareness about the mutual fund is on the rise