VIJAYAWADA: LIC Mutual Fund Asset Management Limited opened its first branch in Vijayawada on Monday, August 29.

LIC Mutual Fund, aims to be amongst the top ten mutual fund houses over a 5 year period. T.S. Ramakrishna. managing director and chief executive officer of LIC Mutual Fund, officially opened the area office next to Benz Circle. Speaking at the event, Mr. Ramakrishnan noted that the LIC Mutual Fund has made strides in the area and that the establishment of the office will allow for more commercial expansion.

He said, "The branch office in Vijayawada would assist grow our presence in Andhra Pradesh even more, and we endeavour to give our customers with the best sales and service support in addition to interacting closely with our distributors and clients." He added 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 and in the Southern States.

He said, just four Southern Indian towns viz Hyderabad, Bangalore, Chennai, and Coimbatore, figure in the top 30 cities for the mutual fund business, adding that in the Vijayawada region, LIC Mutual Fund is dealing with assets under management (AUM) of about Rs200 crore, he said.

While the fund house is looking to strengthen its digital presence to reach out to new investors, it has also recently opened branches in 2 tier and 3 tier centres such as  Varanasi, Indore, Gurugram, Ludhiana. 

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