₹1 trillion target is big but we are pushing hard to achieve this’

IC Mutual Fund, which despite having the huge financial strength, brand salience and reach of its parents LIC and Nomura of Japan, has been struggling for long to make to the big league, is on an aggressive growth path.

- 

Ravi Kumar Jha, chief executive of LIC MF tells TNIE’s Benn Kochuveedan that by the end of the current fiscal the fund house is eyeing an asset under management (AUM) of ₹1 lakh crore but would be perfectly happy if they touch ₹75,000-80,000 crore. Excerpts:

What is the trigger that you think is missing despite growth acceleration?

Probably we've not been focused on ourselves. But if you look at our growth in the past two-and-half years, you would see we have grown fantastically. From an AUM of ₹16,526 crore in March 2023, we are at close to ₹46,000 crore now. That’s a growth rate of 170%.

So, what is the target for this March?

After thorough discussions and planning we've given ourselves an audacious target of achieving the ₹1 trillion AUM by March 2026. If we are able to touch near ₹1 trillion also we would be happy as that would reflect the trust and brand saliency of our parent.