The fund house will bring in people with a varied skillset and not just those with asset management backgrounds. Navi MF is focusing on reducing the cost of investments by roping in technology.
Flipkart’s co-founder Sachin Bansal’s Navi Mutual Fund is all set to launch its first set of mutual fund schemes in the upcoming few months. Bansal had acquired Essel Mutual Fund from the Subhash Chandra in February this year. The umbrella company, Essel Group has assets worth INR 698 crore in the last quarter of FY21, according to data from the Association of Mutual Funds in India. This money Navi MF has is primarily the legacy assets of Essel Mutual Fund.
The fund house will bring in people with a varied skillset and not just those with asset management backgrounds. Navi MF is focusing on reducing the cost of investments by roping in technology. It is part of Bansal’s Navi Group, which offers digital personal loans, home loans, and health insurance. The mutual fund is planning to launch a Nifty 50 Index fund in the coming months, to launch a passive income stream in addition to the active one. The headquarters will be moving to Bengaluru from its current office in Mumbai to be closer to the parent company’s headquarters. This will make it the first asset management company (AMC) to be headquartered in Bengaluru, which can also be an indication of the role tech companies are set to play in financial clusters.
Source: Business World
