Dec 20, 1999|
Alliance MF to consolidate, freeze new offerings
Alliance Capital Mutual Fund (MF) has no plans to launch any fresh schemes over the next year. Instead, the MF will seek to consolidate its operations.
Currently, Alliance Capital MF offers investors seven schemes (all open-ended). Total assets under management are in excess of Rs 19 bn (in December 1999).
Alliance MF plans to launch three funds which will cater to a specific investment theme viz. Alliance Buy India Fund, Alliance New Millenium and Alliance Basic Industries Fund.
Chief Executive Officer (CEO) of Alliance Capital Asset Management (India) Private Limited revealed, ‘With the three new schemes we have will 10 schemes which cover the entire spectrum of investment options for investors.’ This was reported by a leading financial daily.
The new schemes are expected to boost Alliance’s net assets by Rs 6 bn. By March 2000, the MF is expected to breach the Rs 30 bn-mark.
Having achieved a fair degree of critical mass, Alliance will look to beef up its agent network so as to draw more inflows in its schemes. It plans to enhance its presence across the country and will soon have offices across 11 cities (from 6 at present). It will also increase its staff strength to 60 from 38 (at present).
In future Alliance MF will leverage its relationship with AXA, the global insurance major. The latter has outlined plans to launch insurance products in the country. When that happens, Alliance plans to bundle AXA’s insurance products with its schemes.
Alliance seems to have set out its priorities quite sensibly. By consolidating, it will get more investors under its wings, which will boost its corpus significantly. A lot of other MFs have tried to increase inflows by offering more schemes. But a rise in the number of schemes, increases marketing overheads considerably, and is the more expensive option.
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