Union Asset Management Company (AMC) on Thursday said it is looking beyond top 30 cities to double its asset base to Rs 10,000 crore withn a year.
Union AMC’s plan also comes against the backdrop of the amalgamation of Andhra Bank and Corporation Bank with Union Bank of India, which is the co-sponsor of the fund house along with Japan’s Dai-ichi Life Holdings.The amalgamated entity now has more arsenals in terms of branches, manpower and number of customers, among others, Union AMC said in a statement.In addition, the fund house is looking to drive the business through mutual fund distributors rather than depending only on the bank branches to sell the financial product.