LIC Mutual Fund

Merger likely to make LIC MF the 22nd largest fund house by AUM

Merger between LIC Mutual Fund and IDBI Mutual Fund is at a "fairly advanced stage", a top official said on Thursday. "The process is on, it is at a fairly advanced stage," LIC MF's managing director and chief executive T S Ramakrishnan told reporters, when asked about reports of the merger. Recent media reports have said that LIC Mutual Fund plans to absorb IDBI Mutual Fund following a regulatory diktat barring a single promoter from owning more than 10 per cent stake in two asset management companies. IDBI Bank, the parent of IDBI MF, is majority owned by LIC for the last few years. Ramakrishnan added that as and when LIC MF, the 22nd largest MF in the country with over Rs 18,000 crore in assets under management, is in a firm comment on the merger process, it will inform everybody. According to reports, there were two attempts to sell IDBI Mutual Fund that could not be successful, and it resulted in the merger with a company owned by the same parent. Meanwhile, Ramakrishnan said

LIC AMC, which has been stuck with fixed income schemes for long, has filed for three new schemes in the debt equity and money market spaces and has 26 schemes running now

LIC Mutual Fund is targeting to collect Rs 1,000 crore from its new money market fund launched on Wednesday. The new fund is an open-ended debt scheme that facilitates investing in money market instruments, it said in a statement. Nityanand Prabhu, executive director and business head of LIC MF, told PTI that it has set an internal target of garnering at least Rs 1,000 crore from the scheme during the primary subscription period. The fund, targeted mainly at corporate investors, is open for two days from Wednesday for the subscription. It will reopen on August 3, Rahul Singh, a senior fund manager -- fixed income & a vice-president at LIC Mutual Fund, said. Prabhu said the fund launch comes at an appropriate time as spreads between corporate bonds and the repo rate are retracing towards their mean of 1.07 per cent, making money market funds a favourable option to invest. The fund proposes to invest in money market securities having up to one-year maturity, along with an option to

LIC Mutual Fund expects to make gains from IDBI Mutual Fund merger and new fund launches which will help in increasing its assets under management to Rs 30,000 crore by March.

In a Q&A, the head of equity at the fund shares his investment strategy and key takeaways from the June 2021 quarter results of India Inc

The fund house which clocks an SIP inflow of around Rs 230 million every month expects the number to go up to Rs 300 million

To achieve this growth, the fund house is banking on growing its business from beyond B-15 cities

Interview with Ramnath Venkateswaran, fund manager - equity at LIC Mutual Fund

The two new partners in LIC MF are GIC Housing Finance and Corporation Bank, with 11.7% and 4% stake, respectively