SBI Mutual opens its franchise office in Dubai

SBI Mutual has already opened a franchise in Kuwait and will open similar franchises in Bahrain and Oman. “We have growing number of investors in the region. The new franchise offices will service our existing clients and will market our new offerings,” said P G R Prasad, Managing Director of SBI Mutual Fund.

Rated as one of the fastest growing asset management companies (AMC) in India, the the company had more than Rs65 billion (Dh5.5 billion) under management as on March 30, 2005. The French mutual fund giant, Societe Generale Asset Management Company holds 37 per cent stake in SBI Mutual Fund.

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The company currently offers 15 schemes, which includes, equity, debt and money market schemes. In addition to the regular funds, the company has plans to offer an offshore mutual fund in association with Societe Generale Asset Management Company.

The offshore fund, registered in one of the offshore centres will invest in Indian equities and will be offered to global investors.SBI Mutual's future plans also include the launch of a capital guaranteed fund and new funds based on commodities and commodity derivatives.