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SBI MF enters SIF space with new offerings under 'Magnum' brand name: Dy MD
The fund house said it chose the name Magnum considering the existing brand association. Many of SBI MF's earlier schemes carried the Magnum name.
'We have sufficient in-house talent with a large and highly experienced investment team, and we plan to leverage on the expertise of our existing team for managing the investment strategies under SIF,' Singh said.
SBI is the fifth fund house to announce a foray into the SIF segment. Edelweiss, ITI, Mirae Asset and Quant are the other fund houses that have secured licences. Other players like Axis and Nippon have also announced their plans to enter the space.
Most fund houses planning to launch SIFs have opted to rely on their existing fund management teams.
SIFs are a new product segment within the mutual fund framework that offers fund managers more flexibility in terms of investment strategy. These funds, which have a minimum ticket size of ₹10 lakh, can be equity, debt or hybrid in structure.
'SIF strategies are more suitable for evolved investors who understand the markets and their technicalities, and for investors who are keen on investment strategies that are more advanced than mutual funds,' Singh said, adding that wealth counters of banks, individual and national distributors are best placed to distribute SIFs.
The current SIF rules allow up to seven SIF products: two each in equity (equity long-short, equity ex-top 100 long-short, and sector rotation long-short), hybrid (active asset allocator long-short and hybrid long-short), and debt (long-short and sector long-short) categories.
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