Impressive NFO collections for a 9 month old fund house
The sleepless nights that team ITI MF must have spent criss-crossing the country, connecting with distributors to promote their BAF, seem to have paid off quite well – with the fund house collecting a tidy sum of Rs.164 crores in the NFO. Over a 1000 distributors participated in this NFO – an impressive achievement for an AMC that’s yet to celebrate its first anniversary. Clearly, there is belief among many IFAs that this fund will indeed be a cure for sleepless nights for their investors!
Beyond the allure of the product category, what seems to be working for ITI MF is a clearly articulated fund philosophy (SQL – Margin of Safety, Quality of Business and Low Leverage) and early signs of proof of the pudding in terms of healthy returns from its first product – the ITI Multicap Fund.
Commenting on the impressive investor response to its ITI Balanced Advantage Fund NFO, George Heber Joseph, Chief Executive Officer and Chief Investment Officer said, “We are very happy with the positive response that we have received in the NFO. We are focusing on T30 towns and few B30 locations from where we have got good traction. The overall response from the PAN India distributors was very encouraging and that clearly reflects in the NFO collection.
“Our aim is to be among the Top 10 Mutual Funds in the country in the next 10 years. We want to be known for the excellence in fund performance, transparency and taking care of investors interests. We have hired the best and experienced team across all functions so as to provide the best in class service to our IFA partners & investors. We have got a good start and a strong participation from all our IFA partners PAN India”, Joseph said.
The AMC started its operations in April 2019 and in its first nine months, it has empanelled more than 7000 IFAs and has set up 16 branches. The fund house has set a target of opening 48 branch offices in the next few years to connect with IFAs across the country.