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  • Parag Parikh Mutual Fund looks to double SIP folios in two years

    Press Trust of India (Edited by Times of India), April 10, 2016

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    Parag Parikh Mutual Fund looks to double SIP folios in two years

    Parag Parikh Financial Advisory Services Mutual Fund (PPFAS MF) is looking to double its systematic investment plan (SIP) folios over the next two years and will shortly kick off an SIP awareness campaign.

    Moreover, the fund house is looking at increasing its assets under management (AUM) from Rs 650 crore to Rs 750 crore over the next one year.

    "We are currently focusing on SIP and as of now we are adding 3,087 folios under SIP on a monthly basis as on March 31, 2016 from 1,641 folios in the year-ago period, showing a growth of 88 per cent.

    "Now we are planning to double the number of folios under SIP from its current level within the next couple of years," PPFAS Chairman and Chief Executive Officer
    Neil Parikh told PTI here.

    "We are shortly starting an SIP awareness campaign, but I cannot divulge anything further on the campaign as it is still under planning stage," he said.

    Neil Parikh took over after his father and PPFAS MF founder Parag Parikh died in a car accident on May 3 last year in Omaha, US, where he had gone to attend the annual shareholder meeting of Warren Buffet's Berkshire Hathaway Corporation.

    At present, the company's folios under SIP comprise 44 per cent of the total number of folios at 6,983, he said.

    PPFAS MF's AUM has grown by 14 per cent during the past one year to Rs 650 crore from Rs 570 crore a year ago.

    "We are looking at 15-20 per cent growth in our AUM on an incremental basis and without valuation basis and thus we are aiming at increasing our AUM to Rs 750 crore, from Rs 650 crore at present over next one year," he said.

    The fund house currently has only one scheme, , which is an open ended equity oriented scheme with flexibility to invest a minimum of 65 per cent in the country's equities and up to 35 per cent in overseas equity and domestic debt/money market securities.

    The original article could be seen here.

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    Sponsor: Parag Parikh Financial Advisory Services Private Limited. [CIN: U67190MH1992PTC068970], Trustee: PPFAS Trustee Company Private Limited. [CIN: U65100MH2011PTC221203], Investment Manager (AMC): PPFAS Asset Management Private Limited. [CIN: U65100MH2011PTC220623]