Kenneth Andrade's PMS gets in-principle approval for mutual fund foray

Alternative asset management platform Alpha Alternatives latest to apply for MF licence

Former fund manager Kenneth Andrade, who left the mutual fund (MF) industry in 2015 to venture into portfolio management services (PMS), has received in-principle approval from the Securities and Exchange Board of India (Sebi) to foray into MFs.

Andrade’s company, Old Bridge Capital, joins Bajaj Finserv, Zerodha and Helios Capital as they await the final approval to enter the MF space.

Meanwhile, there are seven companies whose applications for MF licence are pending for in-principle approval. Alternative asset management platform Alpha Alternatives is the latest to join the list after applying for a licence on November 8, 2022. The others