Angel One Asset Management Company Ltd, a wholly-owned subsidiary of Angel One Limited, has received the approval from the Securities and Exchange Board of India (SEBI) to act as the asset management company for Angel One Mutual Fund, said Angel One on November 26.
"With this milestone, Angel One marks its entry into the asset management space, focusing exclusively on passive investment solutions," said the company in a stock exchange filing.
"Angel One Mutual Fund’s passive investment products (i.e., Index Funds and ETFs) will be designed to offer clients a low-cost, transparent and accessible pathway to wealth creation. As passive investing continues to gain traction, Angel One Mutual Fund’s commitment to this approach addresses the rising demand from clients seeking simplicity and cost-efficiency in their portfolios," added the brokerage house.
At 3:25 pm on November 26, Angel One shares were trading 4% higher at Rs 2,911.2 apiece. The market capitalisation of the stock is Rs 26,270 crore.
Dinesh Thakkar, Chairman and Managing Director, Angel One Limited, said: "We are thrilled to receive SEBI’s approval for commencing our mutual fund business, signifying a pivotal moment in our journey. This license enables us to augment our offerings and better serve our clients. With a robust technological infrastructure and a deep understanding of client needs, we are poised to transform the passive investing space in India. Our focus on passive investing through ETF & Index Fund products reflects our commitment to making financial products more accessible, affordable and transparent for all. We believe this will empower a new generation of investors and enable them to participate in India’s growth story. We are excited about the opportunities ahead and look forward to helping our clients achieve their financial goals."
"Angel One AMC's focus will be on developing a comprehensive suite of ETF & Index fund products, designed to provide clients with diversified investment options that align with their investment preferences and risk profile. Angel One AMC plans to leverage the existing digital infrastructure and wide distribution network of its parent and other partners to ensure seamless access to these investment products," said Angel One.
Hemen Bhatia, Executive Director and CEO, Angel One Asset Management Company Limited, commented: “The mutual fund license signifies an exciting new chapter for the Group. As the asset management industry in India experiences rapid growth in passive investing, ETFs & Index Funds are increasingly being embraced by both retail and institutional investors. With deep domain expertise in passive products, Angel One AMC is poised to make long-term investing more accessible to every Indian. Through our ETFs and Index Funds, we aim to offer user-friendly, easy to understand wealth creating products to a growing base of retail investors across the country. I am confident that Angel One AMC will play a pivotal role in achieving the Group’s north star - empowering a billion lives."
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