In the special series, ‘Fund Anatomy’, we bring to you insights into the minds of some of India’s top fund managers. However, today, it is time to take a different approach.
As part of CNBC-TV18's 20th anniversary celebrations, we look at mutual fund schemes that are as old as us and like us have they managed to maintain their relevance.
Manoj Nagpal, managing director and CEO of Outlook Asia Capital said: “The mutual fund industry started in 1964, but primarily when you see, the expansion or the private sector came into mutual fund somewhere in 1993. So if you have to take all that in perspective and take out the schemes that have been merged and do not survive anymore, there almost more than 100 schemes that are now surviving which have a history of more than 20 years and it is equally split across equity, debt, and hybrid.”
On UTI launching the first equity fund, he said: “In 1986 UTI launched it and they called it Mastershare. The connotation was that it was going to be the master of all the shares put together.
“This was the first real market oriented fund, and the objective at that point of time was to declare an annual dividend every year."