Fortune Financial Services will soon launch its mutual fund business under the name of ITI Mutual Fund. The fund house has filed draft offer documents with SEBI to launch its hybrid equity fund and liquid fund.
S. Grace Rexelin Rabi is the Chief Executive Officer of the fund house. Rabi has worked with Peerless Mutual Fund earlier. In addition, the fund house has hired Harsh Shah (Equity) and Milan Modi (Debt). While Harsh has worked with Peerless Mutual Fund as the dealer, Milan was associated with ZyFin Funds and Sahara Life.
Karvy Computershare is the registrar and transfer agent for the company.
Since Fortune Financial has a mutual fund distribution arm, the company is likely to leverage its existing network to distribute its schemes. AMFI data shows that Fortune Finsec (an MF distribution arm of the company) managed assets of Rs.120 crore as on March 2017.
The fund house received SEBI’s in-principle approval to float an asset management business last year.
Another company to start its mutual fund business in three months is Yes Mutual Fund. The AMC is in the final stage of getting SEBI approval to launch its first mutual fund scheme.
Besides these two, Muthoot Finance, Frontline Capital Services and Karvy Stock Broking too have applied with SEBI to launch a mutual fund business in India.
