LIC Nomura MF aims at nearly doubling assets this fiscal

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LIC Nomura Mutual Fund, the subsidiary of life insurance giant Life Insurance Corporation, aims to close this fiscal with an asset under management of around Rs 20,000 crore this fiscal.

"Our average AUM is close to Rs 11,000 crore as of now. We want to grow it to Rs 20,000 crore by the end of this fiscal, which will help us to maintain an average AUM of Rs 15,000 crore for the whole financial year," LIC Nomura MF Chief Executive and Director Nilesh Sathe told PTI.

He also said the fund house will come up with host of fund launches that will help it ramp up its asset base.

"We have filed for a mid-cap fund, which will be launched after receiving approval," Sathe said, adding it will come up with several debt schemes during this fiscal.

Talking on the flows into equity schemes, the fund house said it has shown uptick in the January-March period of last fiscal and hope to sustain the momentum going forward.

"We have seen inflows into equity schemes with rise in total number of investors. With equity market doing well we expect this momentum to continue," Sathe said.

LIC Nomura is also planning to increase its focus on the small towns to drive growth.

"We will increase our focus on small towns to expand our presence. As a fund house, our focus will be on three adopted districts to increase investor base," Sathe said.

LIC Nomura MF is the tie-up between insurance major LIC and Japanese Nomura with LIC holding 65 per cent stake in the joint venture.

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