Yes Bank is all set to foray into mutual fund business next fiscal through organic or inorganic route. Initially, the private sector lender has earmarked Rs 50 crore for the business.
This will allow the bank build a holistic wealth management proposition for its customers and enable the bank to strengthen traction witnessed in building retail market share on the back of its savings account proposition.
Presently, there are 45 mutual fund houses in the country with asset under management about Rs 12 lakh crore. The fund houses had an average AUM of Rs 11,81,356 crore at the end of January 31, up from Rs 10,51,343 crore in December-end.
