SMF targets 10% total MFDs in Telangana Market
Hyderabad, Oct.21 (Maxim News): Samco Mutual Fund (SMF) is all set to expand its business in Hyderabad. With the aim to partner with above 200 distributors across the state, the company has a target to achieve 10 percent market share of MFD by the end of the ongoing fiscal.
Telangana contributes 4.56 percent to India’s GDP, however the contribution of the state to the AUM of Mutual Fund industry is only 1.63 percent which means that investor community is highly under penetrated. Identifying Hyderabad among the key markets for growth, Samco is all set up to ramp up its distribution and assets under management in the state with the upcoming launch of the mutual fund.
Addressing media persons here today Jimeet Modi , founder and director of SMD said Hyderabad is emerging as the hotspot for fund houses and advisers for its increasing investor appetite for Mutural funds. Awareness about mutual funds has increased in smaller towns and added that had led to the growing interest in the State. Further, he said compared to the overall population in the State the number of active investors are low. We believe with the right product and distribution mix we can deliver a great investment for the people of Hyderabad in the form of our upcoming mutual fund, he added.
Anantharaman, then South Zonal head of the company said that they were excited to expand their business in Hyderabad and and added that they would hire and depute the best teams for catering to the state while noting that the distributors in Hyderabad will have an exciting product for their investors. (Maxim News)
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