Unifi Capital gets SEBI's all-clear to start mutual fund operations

Unifi Asset Management Pvt Ltd, a wholly-owned subsidiary of Unifi Capital, has received the final registration from the Securities and Exchange Board of India (SEBI) to commence its mutual fund operations.

Unifi Capital was set up in 2001 as a registered portfolio manager. It managed assets worth about Rs 27,000 crore in equity and debt as of October 31 through its Portfolio Management Service (PMS) and Alternate Investment Fund (AIF) platforms in India and abroad. The firm is employee owned and managed.

“After 23 years as a portfolio manager, it’s a very logical moment in our institutional journey to establish a mutual fund that will complement our time-tested services,” Unifi Capital founder Sarath Reddy said on November 14.

A strong and independent MF team is in place and ready to take Unifi’s core value investing process to those looking for a specialist fund focused on niche and rewarding opportunities, he said.

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With a blend of personnel from the group and strategic external hires, Unifi Capital has built a team that aligns with its ethos of delivering consistent performance and exceptional service to its investor clients.

“Through our mutual fund offering, we will play to our well-established strengths in deep bottom-up research to cater to the diverse needs and risk profiles of investors,” Unifi Mutual Fund CEO George Alexander said. “Our vision is to provide an asset management service, not a product.”

Applications of five entities for in-principle approval are being considered by SEBI, the latest mutual fund applications status data shows. These are Jio Financial Services Limited & BlackRock Financial Management Inc, Cosmea Investments Private Limited and AlphaGrep Securities Private Limited, Pantomath Capital Advisors Private Limited and Choice International Limited.

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Angel One and Capitalmind Financial Services Private Ltd have been granted in-principle approval and the nod for final registration is being considered.

The Indian mutual fund industry is one of the most competitive with 44 players and more looking to enter the space which manages Rs 67 lakh crore worth of assets.

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