- Date : 20/09/2023
- Read: 2 mins
Kenneth Andrade, the founder of Old Bridge Capital Management, delightfully announced that the company’s mutual fund business has received a final approval from SEBI.
Old Bridge Capital Management enters mutual fund business.
Also Read: ULIP vs Mutual Fund: Where to Invest?
Old Bridge Capital Management recently announced on September 6 that it received the required clearance from SEBI to start its mutual fund business operations.
Kenneth Andrade, the founder and primary figure at the firm, expressed joy at the occasion and said the company is committed to "providing investors with long-term investment solutions on its mutual funds platform".
Old Bridge Capital was formulated in 2015 by Andrade, who served as head of investments at IDFC Mutual Fund between 2005 to 2015.
Highlights
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Founded in 2015, Old Bridge Capital Management launched its portfolio management services in 2016.
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The company has been an SEC Registered Investment Advisor since March 2019
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Old Bridge Mutual Fund is set to become the 48th fund house in India’s 46 trillion INR mutual fund industry.
The Mutual Fund industry in India is all geared up
The mutual fund space in India is constantly evolving. Recently, SEBI also granted approval to Helios Capital Management (founded by Samir Arora) for its flexi-cap and overnight mutual funds.
Zerodha Asset Management Limited is also getting ready to launch its index funds that will exclusively target the large and midcap sectors.
This also comes amidst developments such as the recent partnership between Reliance Industries and BlackRock, world's largest asset management company, aimed at overhauling the Indian investment market.
Conclusion
During his tenure at IDFC Mutual Funds, one of the schemes managed by Andrade, the IDFC Premier Equity Fund, delivered a 10 year CAGR of 22.3%. Andrade is an experienced investor who has accumulated a total experience of around 30 years in the markets.
According to the credit rating agency ICRA, the Indian mutual fund industry is almost halfway to touching the 100 lakh crore Assets Under Management (AUM) mark. Future looks bright as more people in India are beginning to invest and new funds are being launched to take care of more assets.
Also Read: Zerodha Launches Mutual Funds
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