PGIM India Mutual Fund,a leading asset management company (ACM), is aiming to more than double its assets under management to Rs50,000 crore within the next 2-3 years, which will be driven by efforts to complete the product basket coupled the strong focus on SIP, its top official said on Monday.The asset management firm, which forayed into the Alternative Investment Fund (AIF) space in October 2023, is also looking to complete its product basket with the launch of new schemes including a special opportunities fund.

The fund house, which has an Asset Under Management (AUM) of Rs23,240 crore at present, expects to touch Rs50,000 crore mark AUM in the next 2-3 years, Abhishek Tiwari, Chief Business Officer of PGIM India Asset Management, said. “Factors that will drive the growth of PGIM India Asset Management are -- the organic growth of the asset management industry in India and our focus on completing our product basket along with the continued focus on SIP which is a very healthy part of our business growth,” he said.

Apart from this, having licenses and in turn products across the mutual fund, PMS (Portfolio Management Services) and AIF (Alternative Investment Fund) on the public market is a big enabler for being relevant across the distribution and client segments, he added. PGIM India Mutual Fund is a fully-owned subsidiary of the US-based Prudential Group’s Prudential Global Investment Managers. Overall, the 44-player mutual fund industry has an asset base of Rs57.26 lakh crore as of April this year, marking a growth of 37 per cent from Rs41.62 lakh crore in April 2023, according to data available with the Association Mutual Funds in India (Amfi).

This spectacular growth was fuelled by the growing participation of retail investors and buoyant equity markets. The robust gain in the industry’s assets under management was also replicated in the growth of investors in mutual funds, with the number of folios closing at a record high of 18.84 crore, adding an investor base of around 4.2 crore. The adoption of Systematic Investment Plans (SIPs) continued to rise, with monthly net inflows touching an all-time high of Rs20,371 crore in April this year from Rs13,728 crore in April 2023.