Pramerica Asset Managers Private Limited (PAMPL), the Indian asset management venture of U.S.-based Prudential Financial, Inc. (Pramerica Financial) is the latest one to have announced its foray into the mutual fund industry.
The company has received the certificate of registration from market watchdog Securities and Exchange Board of India (Sebi). In a press communiqué, the company stated that PAMPL will act as the investment manager of Pramerica Mutual Fund.
Pramerica MF will soon file its products with Sebi. It aims to launch its products by the end of this June. Over the next 18 months, the fund house will launch two-three equity funds and four-five debt funds schemes, subject to Sebi approval.
"We are delighted to receive the final approval for our mutual fund business in India. We look forward to offering products and services that will help Indian customers grow and protect their wealth in line with our global philosophy," Chris Cooper, Chairman and CEO of Pramerica Financial's International Investments unit said.
IDBI Bank was the last player to receive approval from Sebi for starting its mutual funds operations. Another public sector bank, Union Bank of India has tied up with KBC Asset Management of Belgium. The joint-venture entity Union KBC AMC has also received Sebi approval and is about to start its fund business.
There are 39 asset management companies (AMCs) now. The total AUM of the industry stands at Rs 766,373 crore as on April 30, 2010, according to data provided by the Association of Mutual Funds of India (Amfi).
"We will reach out to retail investors and bring to them meaningful solutions, rather than just products. Our approach in the Indian market is to create value for investors. Investors have aspirations and dreams. Often there is a wide gulf between their current situation and their dreams. It is our job to help them bridge that gap and achieve their financial goals and dreams," Vijai Mantri, MD & CEO of Pramerica Asset Managers Private said.
Meanwhile, Bank of India, SREI Infrastructure Finance, Bajaj Allianz and Indiabulls await Sebi approval to get started.
