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 are Unifi Capital, Alchemy Capital, Angel One, Emkay Global, Abira Securities and Wizemarkets Analytics.

Before starting his PMS firm, Andrade was the head of investments at IDFC MF for 10 years. Prior to that, he used to manage equity funds at Kotak Mahindra MF.