Mirae Asset Mutual Fund has joined MF Utility to expand its digital footprint.
In a press release, Mirae Asset MF said that all financial and non-financial transactions pertaining to their schemes can also be submitted through MFU either electronically or physically through the authorized Points of Service (“POS”) of MFUI from February 19, 2018.
Swarup Mohanty, CEO, Mirae Asset Global Investments (India) commented, “We are happy to tie up with MF utility for providing a pleasant investment experience. In the recent time, there is not a single day when I had to answer a question from either investor or distributor as to why Mirae Asset is not there on MFU System. We are happy to note that the investors and distributors are recognizing the benefits offered and are finding MFU as an easy and convenient system. With the increased volume and adoption, the cost of participation has also come down considerably. All our distributors can now make use of the variety of transaction submission options, and other conveniences offered by MFU”
“With the addition of Mirae Asset MF, the AUM of the funds participating in MF Utility is over 96% of the industry AUM. The AUM of the CAN Holders as on January 31, 2018 is over Rs.92,000 crore, which has doubled in the last 10 months. On an average close to 1,000 account opening (CAN) requests are being received every day of which about 40% are electronic,” stated the press release.
V Ramesh Managing Director & CEO of MF Utility, welcoming the addition of Mirae Asset Mutual Fund said, “We are seeing exponential growth in opening of Common Account Number (CAN) and use of MFU System to submit transactions without any hassle. We will continue to roll out more features and facilities that will make MFU even more convenient for everyone.” Speaking about the transaction volumes, he added that “overs Rs.3.50 lakh crore of MF transactions are being put through MFU every month.”
Mirae Asset Mutual Fund manages AUM of Rs.15,000 crore as on January 2018.
