The Hindu : Business : LIC Mutual keen to manage pension funds

Online edition of India's National Newspaper
Tuesday, Aug 23, 2005

Business

Business

LIC Mutual keen to manage pension funds

Corporate Reporter

CHENNAI: LIC Mutual Fund has expressed its willingness to the Government to manage pension funds.

Addressing presspersons here on Monday, L. Mohan Raj, Chief Executive, LIC Mutual Fund, said a decision would be taken subject to the approval from the Government.

For the current financial year he was hopeful of doubling the assets under management to Rs. 6,000 crore. However, there was a drop in assets by Rs. 300 crore in May this year due redemption by corporates in liquid and floating rate funds.

The Mutual Fund had also received approval from the Securities and Exchange Board of India for floating two more funds — fixed maturity plan and a P/E fund, Mr. Mohan Raj said.

On the marketing front, Mr. Mohan Raj said the company was planning to move to B and C class cities besides putting up offices in rural areas to reach out to retail investors. The mutual fund has already tied up with Corporation Bank for distribution of mutual fund products. It was also in talks with two more banks for a possible tie-up for selling the mutual fund products, he said.

LIC Mutual Fund, which was managing 20 schemes, was also on the lookout for acquisitions, Mr. Mohaj Raj said. It has 8 area offices and 11 business centres. Besides, it is operating through 46 outlets of Karvy Consultants.

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