Kenneth Andrade, who was the head of investments at IDFC Mutual Fund from 2005 to 2015, sees this as a kind of homecoming.
Old Bridge Capital Management, a portfolio management firm, stated on September 6 that it had gained final permission from the Securities and Exchange Board of India (SEBI) to begin its mutual fund operations.
When it is launched, Old Bridge Mutual Fund will be the 48th fund house in India’s Rs 46 lakh crore asset management business.
Kenneth Andrade established Old Bridge Capital Management in December 2015.
“We are thrilled to have received this license to begin operations for Old Bridge Mutual Fund, and we look forward to launching our first actively managed equity scheme.” “As we move forward with our newly acquired license, we remain committed to providing long-term investment solutions on its mutual fund platform as well,” stated Kenneth Andrade, Founder & Chief Investment Officer, Old Bridge Capital Management.
Andrade is returning home after serving as the head of investments at IDFC Mutual Fund for ten years, from 2005 to 2015.
Prior to joining IDFC MF, he worked as a fund manager for equity at Kotak Mahindra Asset Management Company.
With the introduction of new fund AMCs, the mutual fund industry in India is heating up.
Helios Capital Management gained final permission from SEBI last month. Samir Arora, the founder of Helios Capital Management, a PMS, had previously worked in the mutual fund business.
Helios Mutual Fund has so far applied to the capital markets regulator for two schemes: flexi-cap and overnight funds.
Meanwhile, over a month after receiving its final license, Zerodha Asset Management Ltd., one of India’s newest fund houses, is preparing to debut mutual fund schemes.
In accordance with its mission, Zerodha has submitted draft offer documents with the market regulator to launch two schemes: Zerodha Tax Saver (ELSS), Nifty Large Midcap 250 Index Fund, and Zerodha Nifty Large Midcap 250 Index Fund (ZN250).
Further, brokerage firm AngelOne and Emkay Global Financial Services had earlier received in-principle approvals from SEBI for mutual fund business.
