Hyderabad, Feb 13 (PTI): Mahindra Asset Management Company plans to launch four-five new schemes/products in the next financial year, its Managing Director and CEO, Ashutosh Bishnoi said here Wednesday.

Mahindra AMC, which started operations in July 2016, has Assets Under Management (AUM) of Rs 5,000 crore (as on January 2019) from eight schemes and announced launch of a new open ended equity scheme ‘Mahindra Pragati Bluechip Yojana’.

“This will be our ninth product that we are launching.

We touched Assets Under Management of Rs 5,000 crore last month and out of it about Rs 1,800 crore is retail money and Rs 3,000 crore plus comes from the institutional investors.

We are hoping to change that equation,” Bishnoi told reporters here.

To a query on the companys plans to launch more funds, Bishnoi “You should see four to five new products in the next financial year.

Focus is going to be in small markets. We think couple of more equity funds…couple of more debt funds and we are looking at a corporate bond fund.”

Bishnoi said that Mahindra Mutual Fund (MMF) planned to sell its products from 500 cities and towns across the country in the next one year as against 350 cities now.

‘Mahindra Pragati Bluechip Yojana’ is for investors seeking long-term capital appreciation and growth opportunities by investing in a portfolio constituted of predominantly equity and related securities, including derivatives of large cap companies.

The New Fund Offer opens on February 22 and closes on March 8.

The scheme will reopen for continuous sale and repurchase within five business days from the date of allotment.

Mahindra Asset Management Company is the investment manager for Mahindra Mutual Fund.

It is a wholly-owned subsidiary of Mahindra and Mahindra Financial Services Ltd.

This is published unedited from the PTI feed.