ICICI Prudential aiming 45 percent growth this fiscal

August 27th, 2008 - 8:07 pm ICT by IANS  

Kolkata, Aug 27 (IANS) Mutual fund major ICICI Prudential Asset Management Co (AMC) Wednesday expressed confidence that it would grow by 45 percent this fiscal.”We expect a growth in line with market growth. Last year we grew at a rate little more than 45 percent. This year also we are expecting a similar kind of growth,” company managing director Nimesh Shah told reporters here during the launch of ICICI Prudential SMART fund.

The asset under management (AUM) of the company was worth Rs.600 billion ($14 trillion) last fiscal.

“This year we expect AUM to touch Rs.1 trillion. In the first quarter of the current fiscal we have already touched Rs.650 billion,” he added.

The AMC has opened 34 branches in eastern India during the last five months and plans to open 10 more this fiscal.

The company has registered 15 percent increase in the volume of inflows and 45 percent increase in the investor base over the last five months. During the same period, the contribution of this zone towards the volume business has received a boost from 10-11 percent to 18-20 percent.

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