JM Financial Mutual Fund Inaugurates Its Branch in Chennai
Chennai, 9 Feb. 2023
JM Financial Mutual Fund announced the relocation of their branch in Chennai. The relocation of the branch is aligned with the strategy to extend its reach to offer various services across the country.
Commenting on the occasion, Mr. Amitabh Mohanty, CEO, JM Financial Asset Management Ltd. said, “Chennai is a very important market and strategically is a significant gateway to other big cities and towns like Coimbatore, Madurai, Salem, other cities across Tamil Nadu and Kerala. The city has a huge economic base with huge potent ial for investment across both, Equity and Debt Mutual Fund products. This is supported by the large aspiration al class who wants to invest for growth and wealth creation. Across all segments of population in this important city, mutual funds are an important investment avenue.
Hence it is important to be present and expand our pres ence in this region. Relocation to a bigger branch show cases our commitment of a much larger and long-term rel ationship with Chennai. This newly inaugurated bran ch will make our products and services easily available to o ur 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. Duri ng this period, bank deposit growth rates have slowed slightly. As a result, Mutual Fund investments to bank de posit ratio has moved up to 28% (Measurement of MF Penetration) in 2022 for Chennai up from 21% in 2012.
From a distributor’s perspective, MFD’s & ND’s together contribute 1/3rd of the total mutual fund AUM in Che nnai. The AUM constitutes higher level of equity and hybrid schemes which contribute approximately 50% of t he city’s AUM. The Fixed Income schemes also have sizeable AUM with approximately 33% of the same.
The AUM in Chennai has increased from 75,680 crores in June 2018 to 1,12,083 crores in December 2022 and the city now ranks 7th amongst all cities in the country.
The address of the new branch is: JM Financial Asset Management Ltd., Maalavika Centre No. 144/145, 4th Floor, Kodambakkam High Road, Nungambakkam, Chennai – 600 034
For more information, log on to www.jmfinancialmf.com
About JM Financial Mutual Fund:
JM Financial Mutual Fund is sponsored by JM Financial Limited. JM Financial Asset Management Limited, the Investment Manager to the Schemes of JM Financial Mutual Fund, started operations in December 1994.
