LIC Mutual Fund Target Rs.50000 Crore in AUM by March 31, 2025
LIC Mutual Fund sets a target to achieve Rs.50,000 crore in assets under management (AUM) by March 31, 2025.
The AUM on March 31, 2024, had been Rs.27,733 crore, which has surged to Rs.36,171 crore by November 30, 2024. The Managing Director and CEO of LIC Mutual Fund Asset Management Ltd., Ravi Kumar Jha, said, “Our plan is to cross Rs.50,000 crore of AUM by March 31, 2025.”
He further said that the company is aiming to strengthen both its distribution network and product line and lower the SIP amounts in order to garner more interest in SIP investment in the top 30 cities, which, as of October 2024, accounted for approx. 18% of the industry’s AUM.
He also mentioned that “the LIC is very strong as regards its agency force, and share of business was around 65% from MFDs. LIC agents also form part of MFDs. We have grown this to more than 85%. We will aim to try to take it as close to 90% and we should have a minimum of 50 branches.”
The daily SIP can be done for a small amount of Rs.100, which was Rs.300 before and the ticket size in the monthly SIP reduced to Rs.200 in most of the schemes. The quarterly SIPs have been reduced by Rs.1000.
The mutual fund is also seeking to expand its portfolio with more funds in the pipeline.
LIC Mutual Fund has also experienced a growing interest of investors in its funds from Bengal. The LIC mutual fund’s AUM in Bengal was Rs.2,700 crore on November 30, 2024.
Bengal comes in the top five states that together contribute 70% of the country’s mutual fund assets under management; the four other states are Maharashtra, Karnataka, Gujarat, and New Delhi.
