The Hindu Business Line : Kotak MF plans more funds

Mumbai May 8 Kotak Mahindra group's asset management business plans to offer several overseas funds to global and domestic investors, with underlying Indian assets.

"We are planning to launch several funds in various geographies with an underlying Indian product," said Mr Uday Kotak, Executive Vice-Chairman, Kotak Mahindra Bank.

Kotak Mahindra plans to launch a Shariah Fund for Islamic investors in West Asia in June through a local tie-up. The fund is expected to mobilise anywhere between $150-$200 million, said a senior official with the bank. This is the first time that a Shariah-compliant fund would have underlying Indian assets, he said.

It also plans to launch an international real estate fund with multiple closures, with the first closure at about Rs 125 crore to Rs 150 crore.

"We plan to offer best range of Indian products to global and domestic customers," said Mr Kotak.

Kotak Mahindra plans tie ups with international players in various geographies for funds based on Indian assets. This will be on the lines of its recent fund launched in Australia in joint venture with a local partner.

The bank also has plans to expand overseas through physical presence in West Asia. "We are also looking at Japan," said Mr Kotak.

"We see our overseas business contribute 15-20 per cent of our business n the next three to five years," said Mr Kotak. The bank's overseas business has grown by over 300 per cent in the last few years, he said.

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