Chennai: The mutual fund industry has to concentrate more on retail clients to expand further, said Birla Sun Life Mutual Fund. Although the industry witnessed substantial growth over the past two years, most of the money came from the top 15 cities or so. With at least 10-15 asset management companies looking to open shop in India over the next 12-15 months, the industry will witness increased competition with the new players also concentrating on the existing centres; hence, there is a need for players to expand geographically especially in the retail space.
Birla Sun Life Mutual Fund mulls to expand its distribution reach to tap into the retail investor market. The fund house plans to add at least 50 more branches in the next 12 months. On the products side, it plans to come up with more fund offers across various asset classes. It is looking to unveil at least three equity funds this year, the first of them being the Birla Sun Life Long Term Advantage Fund (currently open for subscription). The fund house has also registered an application with the SEBI for a gold exchange traded fund. Birla Sun Life is also exploring the possibility of launching offshore funds with a feeder structure. The company will also promote its existing schemes. The two which have been identified are Birla Sunlife Equity and Birla Midcap Fund.
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