Pramerica Asset Manager Pvt Ltd—Indian subsidiary of US-based asset management company (AMC)—Pramerica is planning to enter equity-based retirement saving schemes market, Vijai Mantri, Managing Director & Chief Executive Officer, Pramerica Mutual Fund said.
Mr Mantri was speaking at an investor education programme in Nagpur. The event was organised by Nagpur branch of Independent Financial Advisors Association (IFAA). The company also plans to launch an equity link savings scheme (ELSS), Mr Mantri added.
At present, there are only three fund houses that have such plan. These include Franklin Templeton, UTI and Tata Mutual Fund. Pramerica Asset Manager Pvt Ltd has largely a debt-based corpus in India. The fund house entered in India two years back. However, Pramerica has not provided any details about when it will file an application to launch the retirement scheme with SEBI (Securities and Exchange Board of India).