 "stock markets")
JM Financial Mutual Fund, amid volatility and negative sentiments due to economic headwinds in the capital market, remained optimistic to launch 4-5 New Fund Offers (NFOs) and expanding assets under management between Rs 7,000 crore and Rs 10,000 crore by FY23, a top official said on Friday.
It now stands at Rs 3,000 crore.
The mutual fund house said it does not foresee any major dip in Systematic Investment Plan (SIP) inflows going forward which had witnessed a steady growth to around Rs 11,000 crore per month. This category of investors look at long-term returns and is aware of such short-term blips, the official said.
"We have at least 4-5 NFOs lined up in equity, debt and balanced funds by FY23. We had been delaying the launch due to stretched valuations and given the corrections taking place in the market. Over the next 2-3 months, we hope to launch three NFOs as we expect the market to offer value hunting in the next two quarters. We also hope Sebi will allow NFOs from July onwards," JM Financial MF MD & CEO Amitabh Mohanty said on the sidelines of the inauguration of its Kolkata branch.
Sebi has stopped the launch of any new NFOs until the industry adopts new norms which are extended till July 1, 2022 for compliance.
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"We are rebuilding ourselves from a low base. Our AMC is now Rs 3,000 crore but by this fiscal on the back of the new fund launches we expect AUM to grow to Rs 7,000-10,000 crore depending upon the market conditions," Mohanty said.
As a part of its next phase of expansion, the mutual fund will improve both physical branches and digital footprint to tap the national footprint.
"We have now 13 physical branches but will increase it to 20 in the next two years. But, our major focus will be on digital onboarding systems for both investors and distributors," JM Financial MF Chief Business Officer Seemant Shukla said.
JM Financial AMC has strengthened its fund managers and relationship team at the corporate office and branches across the country to further grow its market penetration, partner engagement and client servicing, he said.
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