ICICI Prudential AMC to expand in eastern India

Kolkata, Aug 27: ICICI Prudential AMC, one of the country's leading mutual fund companies, plans to add 10 more branches in different locations in eastern India by the current fiscal-end in a bid to expand its reach.

Informing this to newspersons here on Wednesday, Aug 27, ICICI Prudential AMC Managing Director(MD) and Chief Executive Officer(CEO) Nimesh Shah said the country's eastern region contributed 20 per cent towards the firm's total business, adding the company came up with 34 branches during the past five months in the region.

'' I am positive about the company's prospect in the east. We are eyeing an increase in the number of investors, rather than aiming at raising the volume of investment from the region, '' Mr Shah said.

ICICI Prudential AMC registered 15 per cent rise in the volume of inflows and 45 per cent growth in the investor base over the last five months, Mr Shah said.

He added that during the same period, the volume of investment received a boost from 10-11 per cent to 18-20 per cent, due to the eastern zone's contribution.

Furthermore, the firm planned to launch two to three equity funds in the current fiscal, Mr Shah said adding the number of branches across the nation would be raised from 235 to 275 in the same period.

ICICI Prudential AMC currently had an assets under management(AUM) worth Rs 65,800 crore.

UNI