Indian Economy News

PGIM India Asset Management aims to double AUM to Rs. 50,000 crore (US$ 6.0 billion) in 2-3 years

PGIM India Asset Management is set to double its assets under management (AUM) to Rs. 50,000 crore (US$ 6.0 billion) within 2-3 years, driven by a focus on completing its product lineup and emphasizing Systematic Investment Plans (SIPs). Mr. Abhishek Tiwari, the Chief Business Officer, highlighted the firm's strategic approach to organic growth and its comprehensive offerings across mutual funds, Portfolio Management Services (PMS), and Alternative Investment Funds (AIFs) as key drivers of this expansion.

The Indian mutual fund industry has witnessed remarkable growth, with AUM reaching Rs. 57.26 lakh crore (US$ 686.82 billion) in April 2024, up 37% from the previous year. This surge is attributed to increased participation from retail investors and favourable equity market conditions. Additionally, SIP adoption has soared, with monthly inflows hitting a record high of Rs. 20,371 crore (US$ 2.44 billion) in April 2024, reflecting strong investor confidence and ongoing market momentum.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.