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Peerless MF to increase customer base to 2 lakh in 3 yrs

The fund house is planning to design banners and application forms in languages such as Telugu, Tamil and Gujarati

July 26, 2012 4:26 IST | India Infoline News Service
To increase its penetration in rural areas, Peerless Mutual Fund is planning to widen its vernacular reach, Akshay Gupta, MD & CEO, Peerless Mutual Fund, said.

The fund house is planning to design banners and application forms in languages such as Telugu, Tamil and Gujarati. Investors can also reach out to call centres and communicate in these languages for buying the products of the fund house, Mr Gupta said.

At present, Peerless Mutual Fund’s marketing and communication is generally done in Hindi, English, Malayalam and Bengali. Of the 35 branches of this mutual fund house, 18 are in tier-III and tier-IV cities. “We are focused on these cities as expenses are also low for us,” Mr Gupta added.

As on 23rd July, Peerless Mutual has about six products and total assets under management (AUM) of around Rs. 50 billion. Of the total AUM, almost 90% is from the institutional investors. The six products are Liquid and Liquid Plus (ultra short-term), short-term income fund, income-plus (MIP), child plan and equity fund.

Mr Gupta said the fund house was planning to launch a debt fund with flexible income plan (dynamic bond fund). However, no deadline has been fixed for this product launch.

The fund house aims to grow its customer base from current 50,000 to 2,00,000 in the next three years, he said, adding that points of sale will be ramped up to 25,000.

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