Axis AMC eyes Rs 3 lakh cr AUM by March

Mumbai: Axis Mutual Fund on Wednesday launched a manufacturing fund and has set a target of collecting at least Rs2,500 crore during the offer period. The Axis Bank subsidiary which competes with 44 other players, is also eyeing around Rs3 lakh AUM by the end of this fiscal, given the market rally.

The fund house opened the year with an AUM (assets under management) over Rs2.25 lakh crore. The open-ended equity scheme represents the manufacturing theme and opens for subscription from December 1 and closes on December 15.

The fund will track Nifty manufacturing index and will be managed by Shreyash Devalkar and Nitin Arora, the company announced here. If 10 per cent of the investment is redeemed/switched within 12 months from the date of allotment there will be no exit load, while for the remaining investment there will be a 1 per cent charge, B Gop Kumar, managing director & chief executive of the fund house said.

On the overall AUM target for the year, Kumar said the growth has been very good for the company and hopes to close the year with Rs2.8-3 lakh crore in AUM driven by SIPs and fixed-income funds.