India, 10th Feb 2022: MF Utilities continues its plans for operational expansion with the opening of its first regional office in Bengaluru.
This expansion has been carried out with the view to reach out and introduce MFU to MFDs and RIAs in the region and increase the overall partner numbers from South India.
MF Utilities expects to witness a 4% to 6% increase in its assets under service (AuS), 10-12% increase in turnover, and multifold increase in transaction numbers, owing to the start of the office in Bengaluru. Equipped with several features differentiating it from other platforms, MF Utilities expects to boost the number of MFD/RIAs and attract investors in the Southern market. Over the next six months, MF Utilities plans to expand its footprint pan-India with focused expansion in metros such as Ahmedabad, Calcutta, Hyderabad, and Chennai.
According to Mr. Ganesh Ram, MD & CEO, MF Utilities, “Our decision to open an office in Bengaluru is a natural progression in our growth story. Our operations are digitized. With Bengaluru being the IT hub, the populace comprises a large portion of millennials and Gen Z, who are well-versed with digitized financial products. Additionally, Karnataka is the fourth-largest state for the mutual fund industry in the country, with many players located there.” MF Utilities’ Bengaluru office will have staff overlooking business development and operations to help facilitate the platform.
MF Utilities launched the MFU Box in November last year, a comprehensive state-of-the-art technology-driven platform made with a view of using digitization to ease processes that will enhance the overall performance of the industry players. MFU’s platform is designed to help a large number of MFDs and RIAs and provides ease of onboarding and transacting with a faster turnaround time with the use of state-of-the-art digital infrastructure.
About MFU:
MF Utilities India Pvt Ltd (MFUI) is the Mutual Fund Industry’s “Shared Services” initiative formed by the Asset Management Companies (AMCs) of SEBI-registered Mutual Funds, with the prime objective to aggregate Mutual Fund transactions from multiple sources and transmit them to the Transfer Agent, thereby bringing in operational efficiency by reducing multiplicity and duplication of activities. It also automates many activities and creates a conducive environment to move from paper-based transactions to digitized transactions.
MF Utility (MFU) is an innovative initiative of the Indian Mutual Fund Industry that brings significant benefits to all stakeholders, i.e., Investors, Distributors, RIAs, and Asset Management Companies. By leveraging technology, MFU will bring many conveniences to the investors and distributors /RIAs and allow Mutual Funds to significantly enhance their reach and presence in the country to further the goals of retail penetration.
This article was shared with Prittle Prattle News as a Press Release
