npavan78
18-06-2008, 07:43 AM
Indian Bank is planning to revive its mutual fund arm, IN Fund Management, to take part in the over Rs 6,00,000 crore market. Indian Bank are in the process of reviving the asset management business, the license for which was surrendered to SEBI a few years ago. Besides the Chennai-based bank is also considering to rope in a partner that could bring expertise in the sector. Indian Bank is considering all options including roping in of a foreign partner who could bring on board fund management expertise.
Although the license was surrendered few years back, a small amount is still under management. Like other public sector banks, Indian Bank was also one of the early entrants into the asset management space. It started the fund house in the early 1990s. However, the bank decided to merge its mutual fund arm with the banking operations in 2004, and surrendered registration certificate to the Securities and Exchange Board of India. The fund house, which, had launched 12 close-ended schemes with a corpus of Rs 627.10 crore had already redeemed 9 schemes on maturity dates.
Although the license was surrendered few years back, a small amount is still under management. Like other public sector banks, Indian Bank was also one of the early entrants into the asset management space. It started the fund house in the early 1990s. However, the bank decided to merge its mutual fund arm with the banking operations in 2004, and surrendered registration certificate to the Securities and Exchange Board of India. The fund house, which, had launched 12 close-ended schemes with a corpus of Rs 627.10 crore had already redeemed 9 schemes on maturity dates.