ITI Mutual Fund plans to launch 4 schemes until August 2019

ITI Mutual Fund that announced the launch of its operations on April 15 plans to launch four schemes until August 2019.

The fund house’s Chief Executive Officer and Chief Investment Officer  George Heber Joseph said they have received approval for four schemes from the Securities and Exchange Board of India. 

They will begin by launching ITI Liquid Fund on April 24 followed by ITI Mutlicap Fund on April 25th.

The next two funds—ITI Arbitrage Fund and ITI Long Term Equity Fund will be launched by August this year.

ITI Arbitrage Fund is an open-ended equity fund that will invest mainly in arbitrage opportunities, while ITI Long Term Equity Fund, is a tax-saver equity scheme with a lock-in period of three years.

Joseph said the fund house aims to be among 10 asset management companies in the next 10 years.

However, Joseph refrained to share any AUM target for the coming years.

ITI Asset Management is a part of Sun Pharma director Sudhir Valia-backed Investment Trust of India group, which is also in the business of asset-based lending, institutional & retail broking, investment banking, insurance broking, debt securities and distressed assets advisory.

ITI was the promoter of the first private sector mutual fund, Pioneer ITI Mutual Fund, which was later taken over by Franklin Templeton India in 2002. The entity was later bought over by Fortune Financial Services.

The fund house plans to have distributors in the top 30 cities, which account for the majority of assets under management in the mutual fund industry.

So far it has opened three branch offices in India.

Joseph also mentioned that the promoters may put in additional capital to facilitate the growth of the business in the early stages, and have so far invested Rs 80 crore in the AMC business.