After receiving SEBI approval this week, both UnionKBC and Indiabulls plan to launch with a mix of equity and fixed income products
Mumbai: UnionKBC AMC got its final approval from SEBI today for initiating its mutual fund business. It plans to enter the market with a liquid fund followed by a diversified equity fund, confirmed a company official to Cafemutual.
UnionKBC will file the offer document with SEBI by next week and hopes to launch its funds in a month’s time. Union Bank had tied up with the Belgian financial powerhouse KBC Asset Management in November 2008 to enter the MF business.
Looking at the current market scenario, the company feels these funds will have greater acceptance among investors. The AMC will take the advantage of 2800 branches of Union Bank to distribute its products. The AMC is headed by a separate CEO.
Indiabulls Financial Services has got the green signal from SEBI today to start its mutual fund business. It plans to enter the market with equity and fixed income products. The firm had applied for its mutual fund license in 2007.
