Prudential ICICI achieves 3.6% growth in MF investments

Kolkata, Jan 09 (UNI)Prudential-ICICI,one of the largest private players in Mutual Fund sector,is looking for ten per cent growth in MF investment during the current fiscal after achieving nearly four per cent penetration last year.

Speaking to newsmen during an interactive session here today, Prudential-ICICI Managing Director Pankaj Razdan said as the bullish trend in the Indian Financial market was continuing for the past several months with the sensex heading towards the unprecedented 14,000 mark any moment,a new trend of investing in equity related Mutual Funds had emerged.

"After we achieved only about 0.4 per cent penetration in the company's MF business during 2004-05,a three fold jump to a little more than 3.6 per cent was achieved during last year", Mr Razdan informed and said in moneytary terms it was to the tune of Rs 35,000 crores.

Asked about his plans to introduce some more products in the market this year with a view to enjoying larger share of the pie,Mr Razdan replied in the affrmative. However, he did not shed any further light about the nature of the new products.

"Interestingly about 90 per cent of our present business volume came from the old and long existing products," he said. Mr Razdan did not rule out the possibility of launching some insurance related products in near future.

Asked about the possibility of waving the 2.5 per cent entry load from retail investors for all the Prudential-ICICI's existing MF products,Mr Razdan replied in the negative."We have no such plan primarily because of its non-viability,"he said.

UNI