Asset management firm Baroda Pioneer today said it aims to be among the top 15 fund houses in the country over the next few years.
The mutual fund has announced a five-year plan wherein it will focus on building a stronger investment platform with aim to have better performance, innovative products, a strategic expansion of sales force by 100 per cent, the fund house said in a statement.
It also plans to expand its presence by leveraging its promoter Bank of Baroda’s distribution network.
“Our assets have grown to over Rs 4,000 crore in the last three years. However, the time is now ripe to pursue an aggressive growth strategy.
“Through our wide network of over 3,900 branches, combined with the global expertise of our joint venture partner Pioneer Investments, we are committed to providing our customer base a broad range of investment products and solutions to meet their financial goals and needs,” Bank of Baroda Chairman and Managing Director M D Mallya said. He added, “Our joint aim is to be amongst the top 15 asset management companies in India over the next few years.”
The fund house operates in over 31 cities in India and plans to expand to Tier II and Tier III cities, where the people are likely to invest their savings in a mutual fund scheme.
“We recognise that the Indian asset management landscape has changed considerably over the last few years and while there are many challenges from an industry perspective, we plan to significantly revamp our activities here. We have a huge advantage already in Bank of Baroda, where we have an excellent local distribution partner with a vast network.
“Our plans are to further invest in the business in order to strengthen our investment engine and expand our footprint in India. We are giving a greater focus to the Asia region and India will be spearheading this growth,” Pioneer Investments Chief Executive Roger Yates said.
Meanwhile, the AMC said its Managing Director Rajan Krishnan has quit and Rajeev Thakkar who is the Chief Operating Officer, will be assuming the duty in the interim period.
The AMC managed assets worth Rs 4,190.83 crore during the quarter ending March 31, 2012 and was ranked 25th among the 44 fund houses in the country.
