Sundaram Mutual Fund on Wednesday announced its foray into the specialised investment fund (SIF) category, aiming to raise ₹350 crore in its maiden offering.
“We are targeting to raise ₹350 crore in the new fund offering,” the company’s managing director Anand Radhakrishnan told reporters here.
The company, which has over ₹93,000 crore of assets under management (AUM) across the MF and alternative investment space, launched the ’Select Equity Ex-Top 100 Long Short Fund’, which is the first of the SIF products.
Radhakrishnan said this is the first of the SIF offerings from the company and added that it will be launching more offerings as time progresses.
Given the better tax treatment for SIFs, there will be movement of money from portfolio management services and alternative investment funds into the SIF space, he said.
However, he was quick to add that the company does not expect any of its PMS or AIF investors to move the money as all its schemes are performing well.
The SIF is benchmarked to Nifty MidSmall Cap 400 TRI, and the NFO is open for subscription till November 4.
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