Axis MF to launch two new products this year; eyes more folios

After making its entry into the top 10 fund houses in the country, Axis Mutual Fund plans to launch a couple of new products falling under the open-ended category later in the year, a top official said on Monday.

Similarly, the fund house was aiming at increasing its folio count under the retail segment to 50 lakh from 22 lakh at present over the next three years.

Folios are numbers designated for individual investor accounts, though one investor can have multiple accounts.

Moreover, the fund house is looking at increasing its systematic investment plan ( SIP) folio count to 10 lakh from 6 lakh now.

With AAUM at Rs 63,599.17 crore in the April-June quarter, Axis MF has moved to top 10 ranking among the 42 active fund houses in the country.

"At Axis MF, we are planning to launch a couple of new products falling under the open-ended fund category later in the year," Chandresh Kumar Nigam, managing director and chief executive, told here.

He was speaking on the sidelines of launch of a new scheme, Dynamic Equity Fund. The new fund offer (NFO) for the scheme will open tomorrow and close on July 25.

Talking about the new scheme, Nigam said the company was looking at mopping up Rs 1,000-1,500 crore from the fund during the NFO period itself.

Commenting on the company's plans, he said, "We are aiming at increasing the company's folio count under retail segment to 50 lakh from 22 lakh at present within the next three years."

Similarly, the company was eyeing to raise its SIP folio count to 10 lakh from 6 lakh at present within a year's time or so, Nigam said.

"In terms of value, we are looking at increasing the monthly inflow of SIP amount to over Rs 300 crore from Rs 200 crore currently," he added.

According to Nigam, as of now more than 30 per cent of fund inflows was happening under the equity segment from beyond the top 15 cities alone.