The Hindu Business Line : SBI Mutual to ride on parent's network

SBI Mutual Fund is making fresh moves to ride on State Bank of India's branch network. There are efforts to tie up with the associates of the parent bank as well.

The fund, now being overseen by a set of new office-bearers, has proposed to use SBI's reach for distributing its products to a wider section of investors, both corporates and individuals.

SBI MF specifically plans to tap SBI's personal banking infrastructure in an effective manner, say sources familiar with the development. Recent years have seen personal banking branches grow in stature within the SBI fold. These have lately emerged as repositories of money for high net worth individuals.

The MF, besides relying on distributors, currently operates through a chain of investment service centres (ISCs). These ISCs, based in the more important cities as well as at such smaller centres as Siliguri, Bhilai and Ernakulam, are supported by a number of district-level organisers.

"Over the years SBI has created a formidable network. We plan to use it to our advantage," said Mr N. Sethuram Iyer, CIO, adding that final touches were being given to the proposals.

The latest move has come at a time when the equity market has started looking up, evident from the rise in the broad indices.

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