How are mutual funds preparing for growth?

Are mutual funds ready for exponential growth?

Speakers:

Anuradha Rao, managing director and chief executive officer, SBI Funds Management Co. Ltd

Kalpen Parekh, president, DSP BlackRock Investment Managers Pvt. Ltd

Milind Barve, managing director, HDFC Asset Management Co. Ltd

Nilesh Shah, managing director, Kotak Mahindra Asset Management Co. Ltd

Nimesh Shah, managing director and chief executive officer, ICICI Prudential Asset Management Co. Ltd

Swarup Mohanty, chief executive officer, Mirae Asset Global Investments (India) Pvt. Ltd

Moderator: Monika Halan, consulting editor, Mint

Edited excerpts of the discussion:

Monika Halan: I want to actually start with a small story. This is ending 2010. I am at an airport. I will not name the person but it is a life insurance industry CEO who met me at that airport and said, “Ye to khatam ho gayi industry (This industry is finished).” 2009 was when the front load of the mutual fund product was taken away by Mr. Bhave (ex chairman of Securities and Exchange Board of India). So he said we will just come and clean up this industry. It’s over. Fund managers will just go home.

That was 2010 and today in 2017, we’re looking at a Rs20 trillion industry. So I just want very quick opening statements to say that should we have the question mark in the topic today. This is financial year 2018. So, are we asking a question or should we be making a statement?

Let’s just start with you Swarup and just walk down the panel.

 

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Why is the currency ban causing markets to rise?

The sudden shock of the currency ban and an unexpected election result in the US caused markets to open 6% down on 9 November. But a day later, the story has changed—all markets are up. So why are stock markets surging? Why are bond markets happy? Why are real estate magnates walking like zombies? What lies ahead for your money?

Readers of this column are hopefully smug with their financial plans and asset allocation in place and are not wasting time wondering if stocks are a good ‘bet’. But let’s deconstruct why markets are up on Day 2 of the #currencyban. Day 0 was 8 November, when Prime Minister Modi made his #currencyban address to the nation.

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