LIC Mutual Fund manages business of over Rs 5,400 cr

Hubli, Apr 21 (UNI) Life Insurance Corporation of India Mutual Fund has managed business worth over Rs 5,400 crore as on March 31, 2006, according to its Mumbai Chief Executive N Mohanraj.

Addressing a press conference here after inaugurating a business centre of the mutual fund, he said that with over 15 open-ended schemes and six fixed maturity plans, the fund had managed the show.

With an investor base of over 17 lakh during the past 17 years, the Mutual Fund had successfully launched various schemes based on the market conditions, he added.

Mr Mohanraj said that in the financial year 2005-06, the fund had achieved a lot of milestones in terms of business and expansion. The gross collections had gone up from Rs 9,300 crore during 2004-05 to over Rs 33,000 crore during 2005-06. The chief agent centres had increased to 129 and 15 business centres have been opened.

In Karnataka, the gross collections of the area office, which was Rs 750 crore during 2004-05, had gone up to Rs 1,200 crore during the last fiscal and the assets under management in the area had gone up from Rs 314 crore to Rs 515 crore.

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