Mirae Asset MF hopes to achieve 3 lakh folio count in 1 month

Mirae Asset Mutual Fund hopes to take its total folio count to 3 lakh from present 2.75 lakh in the next one month, a top company official said on Thursday.

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

Moreover, the private MF player plans to launch a bond fund in the near future.


"At Mirae Asset, we have 2.75 lakh folios at present, of which 90,000 are under SIP category, and Rs 5-6 crore worth SIPs are being added every month," said Mirae Asset MF Chief Executive Swarup Mohanty.

"We are hopeful of achieving the target of 3 lakh folios within a month's time," he told reporters on the sidelines of an event here.

"On a monthly basis, we are currently receiving Rs 47 crore under SIP category from Rs 18 crore a year ago," said Mohanty.

"Out of 1.09 crore folios flowing into the industry per month, 58 lakh have an average duration of over five years. However, at Mirae Asset, we have an average SIP duration of 3 years plus (for existing investors)."

About new products, he said, "We will file documents with SEBI soon for our proposed fund, Dynamic Bond Fund. We will launch it once we get approval for the product from the markets regulator."

With assets under management of Rs 6,300 crore, Mirae Asset is ranked 27th in the MF industry. The company has eight funds in its portfolios.