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States » West

Despite slowdown, Mutual Fund seeing growth, due to lowering bank deposit rates: Franklin Templeton

Ahmedabad, Feb 19 (UNI) Despite economic slowdown, the Mutual Fund sector is seeing a steady growth due to mainly lowering of bank fixed deposit rates prompting people to look for investment opportunities with better returns, National Sales Director of asset management company Franklin Templeton, Peshotan Dastoor, here on Wednesday said.

Talking to mediapersons, Dastoor said that the mutual fund sector has seen a growth of 20 pc last year while the CAGR for the past five years was also similar.

He said that the main reason behind it was the lowering of bank deposit rates. "Also the three A's of increasing Awareness, easier Access and proper Advice have played a role in it. The phenomenon was co-related with the state of economy and the lower interest rates. Banks were now not giving more than 6 to 7% return on FD's," Dastoor said.

To a query, he also said that the total size of bank deposits in the country was Rs 130 lakh crores while that of MF sector Rs 28 lakh crore and likely to go up.

He also said that the scenario of MF sector was very robustly balanced as the total size of corporate (47%) and Individual/retail (53%) investment was almost equal and that for the debt (51%) and equity (49%) was also balanced. He said that the share of individual/retail investment has increased form 15% to 53% in last 15 years mostly due to increasing awareness.

Dastoor said that the Systematic investment plan or SIP has also played a vital role in the growth of the MF sector. 'Today there were a total of 3 crore SIP's and the total fund inflow per month was around 8500 crores,' he informed.

He said that his company has the asset under management (AUM) of Rs 1.25 lakh crores now and has set a target of taking it to Rs 2 lakh crore by December 2022. His company currently has around 85% of retail customers as it traditionally focused on them but now it would also concentrate on increasing its corporate share. He said that Gujarat was the fourth largest business center for his company after Maharashtra, Delhi and Karnataka and has a share of 11% in the overall business.


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