Deutsche Asset Management India Ltd is targeting to more than double its mutual fund (MF) corpus to $1 billion by the end of 2004, even as it was exploring prospects to set up a private equity fund for investment in the Indian infrastructure project.
Currently assets under the management of MF stand at about Rs 2,150 crore (about $474 million) and plan to grow it by attracting investments into schemes including new equity plans, DAMIL head Sandeep Dasgupta told reporters in Mumbai on Wednesday.
The fund manages about four schemes with bond fund and equity fund having over Rs 800 crore (Rs 8 billion) and Rs 50 crore (Rs 500 million) under management respectively, he said.
The entity would also double the head count to 25 professionals by next yearend, he added.
As part of the growth plan, the asset management company would step up focus on retail investor base and grow it from the current level of 7,000 unit holders, Dasgupta said, adding "we will achieve this by expanding network by forging alliances with more finance product distribution companies."
Deutsche Asset Management chief executive (Asia-Pacific) James Goulding said, "We intend to grow our Indian MF business through organic route only and not through acquisition of the existing MF schemes as it takes time to integrate operations.
"The Indian economy is poised for higher level of growth, throwing open new business opportunities especially in the infrastructure sector and we are looking at prospects to start private equity fund for projects in roads and port sector," he added.
