JM Financial Mutual FundInaugurates Its Branch inChennai
Chennai, Feb. 2023
JM Financial Mutual Fund announced therelocation of their branch in Chennai. The relocation of the branch is aligned with thestrategy to extend its reach to offer variousservices across the country.
Commenting on the occasion, Mr. Amitabh Mohanty, CEO, JM Financial AssetManagement Ltd. said, “Chennai is a veryimportant market and strategically is a significantgateway to other big cities and towns likeCoimbatore, Madurai, Salem, other cities across Tamil Nadu and Kerala. The city has a hugeeconomic base with huge potential for investment across both, Equity and Debt Mutual Fundproducts. This is supported by the large aspirationalclass who wants to invest for growth and wealthcreation. Across all segments of population in thisimportant city, mutual funds are an importantinvestment avenue. Hence it is important to bepresent and expand our presence in this region.Relocation to a bigger branch showcases ourcommitment of a much larger and long-termrelationship with Chennai. This newly inauguratedbranch will make our products and services easily available to our retail investors and partners”.
Chennai’s Mutual Fund Market has shown approx. growth in the range of 13% to 14% for last 5 to 10 years. During this period, bank deposit growth rates have slowed slightly. As a result, Mutual Fund investments to bank deposit ratio has moved up to 28% (Measurement of MFPenetration) in 2022 for Chennai up from 21% in2012.
From a distributor’s perspective, MFD’s & ND’s together contribute 1/3rd of the total mutual fund AUM in Chennai. The AUM constitutes higher level of equity and hybrid schemes whichcontribute approximately 50% of the city’s AUM.The Fixed Income schemes also have sizeableAUM with approximately 33% of the same.
The AUM in Chennai has increased from 75,680 crores in June 2018 to 1,12,083 crores inDecember 2022 and the city now ranks 7thamongst all cities in the country.
The address of the new branch is: JMFinancial Asset Management Ltd., MaalavikaCentre No. 144/145, 4th Floor, KodambakkamHigh Road, Nungambakkam, Chennai – 600 034
For more information, log on towww.jmfinancialmf.com
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