Axis MF set to make profit for the year
Axis Mutual Fund is keeping its fingers crossed in making a profit this financial year according to a company official. The fund is promoted by private sector lender Axis Bank.
According to Axis Mutual Fund Managing Director and CEO Chandesh Nigam according to discussion done in Mumbai, "We were close to break even point last financial year. We are hopeful of being profitable this fiscal."
The three year old fund house said it may need any capital from its promoters in the future as it would be able to manage growth from its internal earnings.
Nigam added, "We are waiting for SEBI approval to launch many products, which includes a small cap fund, two offshore funds and a hybrid among others. Whenever we gwt the approvals, we will launch them." He further said that all of their existing funds have indicated sound performance as of late. The fund house has bet big on the hybrid fund category, he said and had differentiate its offerings with assurance of returns.