Essel Finance, a part of the conglomerate Essel Group announced its entry to the Rs.21 trillion mutual fund industry at an event on Friday.
Earlier in August, Essel Finance had acquired Peerless Funds Management.
In a press release, Dr Subhash Chandra, Chairman of the Essel Group expressed that "Businesses are built on trust, and I'd like to tell the entire Essel Finance team to build on this trust and create a winning proposition for depositors on one side and clients on the other.”
Amitabh Chaturvedi, Managing Director, Essel Finance in his address stated, "We feel that the mutual fund industry will double its assets under management (AUM) in the next five to six years. At Essel Finance, our aim is to get a large pie of this growth with Rs 1 lakh crore AUM for Essel Mutual Fund in the next seven to eight years."
He further said that his company aims to reach Rs.15,000 crore AUM within a year. When asked about his ambitious target, he said that his company has been exploring an opportunity to acquire a mid-sized fund house. In fact, the company is about to finalize the deal soon, he added.
The company has AUM of Rs.980 crore as on September 2017.
