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Peerless Fund Management Co Ltd (PFMCL), one of the smaller asset management companies in the country with total assets under management worth Rs 1,150 crore, intends to mop up Rs 50 to Rs 60 crore from its two new fund offers.
It has launched a mid-cap (Nifty Mid-cap 100 bench marked) fund and a (S&P BSE 100 bench marked) long-term equity linked savings scheme this month. The mid-cap fund opened on November 16 and will close on November 30. The equity linked savings scheme opened on November 9 and will close on December 21.
The minimum application amount for the mid-cap scheme is Rs 1,000, whereas the minimum application amount for the equity linked savings scheme is Rs 500.
Peerless Mutual Fund already has seven different funds — four debt funds, two hybrid funds and one equity fund, according to Rajiv Shastri, MD and CEO of PFMCL. The fund house which began its journey in 2010, has non-liquid assets worth Rs 600 crore under its management. He expected this asset base would grow to Rs 1,000 crore by March next year. "We also hope to make profit from fund operation next year," Shastri said.
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