The number of applicants for mutual fund licence keep on rising with Angel Broking, as well as Kenneth Andrade’s PMS -- Old Bridge Capital Management -- applying for mutual fund licence with the SEBI.
After spending eight years at IDFC MF as their star fund manager, Andrade left the mutual fund industry in June 2015 to start his own portfolio management services (PMS).
When he was a fund manager in the mutual fund industry, Andrade was known to be an aggressive, yet judicious stock-picker. He took aggressive sectoral calls with conviction, as the weights in his portfolio showed.
After Samco Securities starting its mutual fund business and Zerodha getting in-principle approval from SEBI, Angel Broking is another broking house that wants to venture into mutual funds. The broking houses can use the distribution muscle of their platform to grow their mutual fund businesses.