Reliance Mutual Fund expects 80% growth.

Despite of so much volatility in stock market Reliance Mutual Fund is expecting 80% growth in his assets base and 100% growth in number of investors. Sandeep Sikka, Dy CEO of Reliance Asset Management Ltd told to news agencies that company’s compounded annual growth rate (CAGR) for the last 2 years was 80% and is hopeful to maintain the same gowth rate this financial year also. Asset under management of RAMC for the year 2006-2007 was 26,000 crore, which grew to 92000 crore in 2007-2008. As on 31^st may 2008 total asset under management of Reliance Mutual Fund were 98,340 crores.

Mr. Sikka said that retail investors have now started investing for long term and they have remained invested even in present bad market condition, and have seen no fear and doubt in investors. He is hopeful to see 100% growth in number of investors.

It is worth mentioning that Reliance Asset Management Ltd had 35 lac total investors in 2006-2007 which grew to 67 lac in 2007-2008. The company has reach in 300 cities in India and is planning to increase its number to 500 this year.