Edelweiss MF's AUM Cross Rs 1,000 Crore

Mumbai: Edelweiss Mutual Fund has said its assets under management (AUM) crossed Rs 1,000 crore as of April 16, a rise of Rs 193 crore from year-ago period, driven by a rally in the equities market where the fund has 93 per cent of its exposure

"Our AUM has crossed the mark of Rs 1,000 crore as on April 16, a rise of Rs 193 crore from a year-ago period, and we would like to grow at a similar pace during the current fiscal too," Edelweiss MF chief executive Vikas M Sachdeva told reporters here on Wednesday.

He also launched his company's first ETF - Edelweiss Exchange-traded Schemes (EES).

New fund offer of Nifty EES will open on April 24 and close on May 5 and the minimum application amount is Rs 10,000. The company is targeting high net worth individuals and institutions for the ETF.

"We will be reopening the scheme on or before May 14," Mr Sachdeva said.

He informed that his company has already applied for two more exchange traded funds and one equity fund before the Securities and Exchange Board of India (Sebi).

"As a group we are very strong in ETF market," he said, adding, "We expect the industry to leapfrog in next 2-3 years."

Some of the MF houses in the country which are already having ETFs include Goldman Sachs, Reliance MF, ICICI Pru, Kotak and SBI MF.