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‘Mutual funds in state is driven by remittances from non-resident Goans’

Panaji: Investments in mutual funds in Goa is being driven by remittances from non-resident Goans, according to officials of DSP Blackrock Mutual Fund.

On Monday, Rohit Singhania, co –head, equities, DSP Blackrock, speaking to the media said that, while mining shutdown has a considerable impact on investment potential of the residents, the NRI remittances that flow into the state have substituted for it.

Singhania further said, “The decreasing trend of investments in fixed deposits and real estate have encouraged residents to switch to mutual fund investments.”

The press briefing focused on the company’s growth plans for the Goa market. DSP Blackrock is in Goa for the past 12 years. The mutual fund has one branch in Panaji and mostly operates through a distributor network that consists of banks, agents and stock brokers.

“We are not in need of opening many branches here as our distributors serve as the medium for our schemes,” said Singhania. He further added that, the company also operates through registrar and transfer agents like Computer Age Management Services (CAMS) for processing applications. In Goa there are four CAMs branches. Apart from the distributors, the mutual fund also offers the option of purchasing schemes online through the website.

Speaking about DSP Blackrock’s market presence, Ashley Gomes, assistant VP sales said, “In 2006 when we started the branch we had an asset management (equity and fixed funds) worth Rs five crore that has now increased to Rs 700 crore. There has also been a 15 percent growth in equity assets in the last one year”.

He pointed out that the, mutual fund has a substantial institutional and retail client base in the state.

The DSP Group recently acquired 40 percent stakes in DSP Blackrock Investment Managers Pvt. Ltd. DSP Blackrock manages assets in excess of Rs 1,10,000 crore, as on April 30.

The investment is in equities, fixed income and other instruments.Mutual fund investments, according to officials, in the coming months will be fuelled by penetration of financial services and increase in per-capita GDP. [NT]

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