Reliance MF To Double Branch Network

Mumbai: Reliance Mutual Fund is looking at an expansion plan to expand its branch network from the existing 300 in the next nine months. The proposed expansion is a part of the Anil Dhirubhai Ambani group's aim to develop its business assets under management by 25 per cent to Rs 75,000 crore during the same time period. The fund house has 700 employees on its roll. The company's retail investor base increased from 20,000 in 2001 to 35 lakh and its combined contribution to the total business should be nearly 50 per cent. The retail contribution to the equity schemes could be as high as 75 per cent. Reliance Growth Fund and Reliance Vision Fund have topped the league in terms of returns on investments. The company's latest offer, Reliance Equity Advantage Fund, will close on July 10. The fund will invest 80 per cent of its portfolio in the NIFTY stocks.