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Axis AMC to roll out 2 MF schemes next month

By SiliconIndia   |   Tuesday, September 29, 2009
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New Delhi: Axis Asset Management Company (Axis AMC), the mutual fund (MF) arm of Axis Bank has received the approval from Securities and Exchange Board of India (Sebi) to launch two funds. The two schemes - Axis Liquid Fund and Axis Treasury Advantage Fund - will open for subscription on October 8, 2009. Axis got the approval from Sebi in early September to launch the MF business, reports Financial Chronicle. According to Rajiv Anand, Managing Director and CEO of Axis AMC, the company plans to have a basket of 7-8 equity schemes over the next 12-18 months. The fund house has filed papers to launch six schemes - Axis Dynamic Bond Fund, Axis Short-Term Fund, Axis Tax Saver Fund, Axis Liquid Fund, Axis Treasury Advantage Fund and Axis Equity Fund. Anand said Axis AMC was also looking to enter the portfolio management service (PMS) space, but on a very niche clientele level. "PMS cannot be used as a vehicle to push MF schemes," he added. Anand said the fund house, which plans to make it to the list of top 10 AMCs in India in terms of asset under management (AUM) in five years, is open to the inorganic growth route to consolidate its position in the industry. Axis AMC was reported to be one of the contenders to buy DBS Chola Mutual Fund. Axis AMC is also looking at leveraging the parent bank's branch network across 556 cities.
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