LIC Mutual Fund Asset Management Ltd. opened its first branch in Vijayawada on Monday.
LIC Mutual Fund Managing Director and Chief Executive Officer T.S. Ramakrishna inaugurated the Area Office near Benz Circle. Speaking on the occasion, Mr. Ramakrishnan said that the LIC Mutual Fund has made progress in the region and with the opening of the office, the business could be scaled up further.
“The branch office in Vijayawada would help strengthen our presence further in Andhra Pradesh and we endeavour to serve our customers with the best sales and service support besides engaging intensely with our distributors and clients,” he said.
He said that the LIC Mutual Fund aims to increase acceptance of the mutual fund asset class in a more number of cities in the Telugu States as well as in the Southern States.
So far, only four cities including Hyderabad, Bengaluru, Chennai and Coimbatore in the Southern India figure in the top 30 cities for the mutual fund industry, he added.
In the Vijayawada region, LIC Mutual Fund is dealing with assets under management (AUM) of about ₹200 crore, he said.
