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Dec 22, 1999
Kotak Mahindra Mutual Fund plans 3 sectoral offerings
Kotak Mahindra Asset Management Company (AMC) has firmed up plans to launch three sector-specific funds by March 2000.
Kotak Mahindra AMC, chief executive officer (CEO) Shekhar Sathe revealed, ‘We will be launching the pharma and fast-moving-consumer-goods (FMCG) sector funds in the next couple of months itself. As for the IT fund we will watch out for any Y2K related problems in the new year before deciding on the timing of the launch.’ This was reported by a leading business daily.
At present Kotak Mahindra has four schemes - K-30, K-Bond, K-Gilt, and K-Balance. In all, the AMC manages funds close to Rs 7 bn.
Earlier the MF industry witnessed a spate of sectoral offerings with even SBI MF and UTI hopping on the sectoral bandwagon. A large number of private funds (Kothari, Prudeintial-ICICI, Tata) had also launched sectoral funds with others like Alliance drawing up plans to come out with sectoral offerings. Not wanting to be left behind, now even Kotak Mahindra AMC has firmed up plans to ride the boom in sectors like IT.
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