ITI Mutual Fund projects to reach Rs 1 trn AUM in next five years
ITI Mutual Fund aims to reach Rs 1 lakh crore AUM in the next five years, as an increasing number of people are choosing mutual funds through systematic investment plans.
ITI MF's asset under management (AUM) increased nearly 2.4 times to Rs 8,791 crore in July 2024 from Rs 3,698 crore in March 2023.
Mayukh Datta, chief business officer of the AMC, said the mutual fund industry has about 4.80 crore unique PAN investors. It currently has 9.34 crore live SIP accounts with Rs 13.09 lakh crore in the AUM.
He further said that as of March 31, 2024, there were 74.67 crore PAN holders in India, and 60.5 crore PAN were Aadhaar-linked.
"So, we are yet to have 10 per cent of the investible population, i.e. PAN card holders, yet to come to the mutual funds universe. There is enough of runway for new investors to enter the mutual fund industry," Datta said in an interaction with PTI.
He further said India remains in a golden spot on the world map, with expected growth outpacing most global ..