ITI Mutual Fund Targets Rs 1 Lakh Crore AUM in Five Years

ITI Mutual Fund aims to achieve Rs 1 lakh crore in assets under management in the next five years. Their AUM grew to Rs 8,791 crore by July 2024. The mutual fund industry in India has a vast growth potential with only 10% of the population currently investing in mutual funds.

ITI Mutual Fund has set an ambitious target to reach Rs 1 lakh crore in assets under management (AUM) within the next five years, buoyed by a growing number of individuals investing through systematic investment plans.

The company's AUM saw a significant boost, increasing from Rs 3,698 crore in March 2023 to Rs 8,791 crore by July 2024. Mayukh Datta, the Chief Business Officer of ITI AMC, highlighted that the mutual fund industry includes around 4.80 crore unique PAN investors with live SIP accounts amounting to Rs 13.09 lakh crore in AUM.

Datta emphasized India's standing as a prime spot for economic growth, offering exceptional opportunities for the mutual funds sector. Despite being ranked 5th globally in GDP, India's top businesses lag behind their global counterparts, presenting lucrative investment opportunities in leading domestic companies.

(With inputs from agencies.)