ITI Mutual Fund launches banking and financial services fund

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ITI Mutual Fund has announced the launch of ‘ITI Banking and Financial Services Fund’. The NFO will be available for subscription till November 29. Minimum application amount is Rs 5,000 and in multiples of Rs. 1 thereafter. The fund will be jointly managed by Pradeep Gokhale and Pratibh Agarwal. This is the 15th fund launched by the AMC in two years of its existence.

The fund will invest in banking and financial services which will include banks, insurance companies, rating agencies and new fintechs that are emerging among others.

“Banking and Financial Services are well regulated in India and have witnessed uninterrupted growth over the last few years. The fund house is confident of offering a unique investment experience to its investors by adopting a diligent and research-backed investment process. The fund house follows the investment philosophy of SQL – Margin of Safety, Quality of the business and Low Leverage, and offers a superior investment experience to its investors,” said George Heber Joseph, Chief Executive Officer and Chief Investment Officer, ITI Mutual Fund.

According to the press release, the current AUM of the fund house is Rs 2,239 crore as on 31st October, 2021. Out of the total AUM, equity AUM accounted for Rs 1,588 crore while hybrid and debt schemes accounted for Rs 319 crore and Rs 333 crore respectively.