India’s Ashika Group is moving ahead to launch mutual fund business after securing approval in principle from the Securities and Exchange Board of India.
It will establish an asset management company and begin preparations to launch mutual fund schemes, Ashika says in a statement on January 2.
Founded in 1994, Ashika has built a diversified financial services platform spanning retail and institutional broking, investment banking, research and advisory, alternative assets, and global family office services.
According to Ashika, the mutual fund business will leverage its existing research capabilities, risk management framework and market experience to offer investment products tailored to different investor segments.
Once it receives final approval from the securities regulator, Ashika will join more than 40 asset management companies operating in India, competing across equity, fixed income, hybrid and passive investment strategies.
