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Edelweiss AMC on the look out for acquisitions
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SME Times News Bureau | 23 Mar, 2019
Edelweiss Asset Management Ltd is open to acquire good retail assets and
would certainly look at IDBI Mutual Fund if it comes up for sale, said a
top official.
Remarking that collections during March are better
than February when the markets were volatile, she said mop-up under the
systematic investment plans is also good.
"We will look at IDBI
Mutual Fund for acquisition if we feel it as an apt fit. The IDBI Bank
has not issued any request for proposal (RfP) for selling its MF
business. Any retail asset is good for acquisition," Radhika Gupta,
Chief Executive Officer, Edelweiss Asset Management, told IANS on
Friday.
With the Life Insurance Corporation of India (LIC)
acquiring 51 per cent stake, IDBI Bank has announced rationalisation of
common subsidiaries in the MF sector.
Edelweiss had earlier acquired JP Morgan's MF business and Ambit Capital's alternative investment fund business.
Gupta
in 2018 said it was a year of investment in business for the company
that included digital platform revamp and widening its network.
Agreeing
that MF players or their advisors tell investors to put in more money
irrespective of the fact that the market being on the upswing or
downswing, she said the company would soon come out with a tool to help
investors time their partial exit.
"We want to grow the business
in a steady manner. The MF business is profitable, though people talk
about consolidation happening in the sector," Gupta said.
According
to her, the fund house will soon come out with debit exchange traded
fund (ETF). Edelweiss won the central government's mandate for managing
public sector debt securities.
"Most Indian investors have the
fixed deposit mentality. Thus, the PSU-backed ETF will provide the
comfort level to such investors whose number is quite large," Gupta
said.
On the Overnight Fund, she said: "We got the SEBI
(Securities and Exchange Board of India) approval for that, but are not
sure when we will launch that."
When asked about cash holding by
the fund house, she said: "We don't believe in holding cash in hand to
time the market, which is difficult. All the cash has been invested. We
don't like sectoral funds."
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