Mirae Asset Mutual Fund has launched ‘Mirae Asset Banking & Financial Services Fund’, an open-ended equity scheme investing in the banking and financial services.
The sectoral fund will invest in banks listed in India, PSU banks, private, foreign and regional banks. The fund will also invest its corpus in companies offering financial services like NBFCs, insurance and AMCs.
In a press release, Swarup Mohanty, CEO, Mirae Asset MF said, “The government expects the Indian economy to grow to USD 5 trillion in the coming years and the BFSI sector being backbone of the economy can be the key engine to drive this growth. One must look at BFSI as a longer-term story and not just a cyclical play. The theme of improved financial services penetration, credit availability and the long-term goal of the government to improve the economy go hand in hand with banks and financial services sector and thus it remains the key engine to drive the economy.”
Neelesh Surana, CIO, Mirae Asset MF Ltd said, “We continue to remain positive on the banking and financial services sector which will undergo a material transformation in the period ahead. The transformation to organised economy, as well as the long-term shift to financial assets augurs well for growth. The sector offers structural growth opportunities with improving financialisaton and increase in penetration levels in products like insurance, etc.”
The fund will be managed by Harshad Borawake and Gaurav Kochar.
