PPFAS mutual fund AUM crosses Rs 2,700 crore

PPFAS mutual fund, which started operations six-and-half years ago, crossed assets under management (AUM) of over Rs 2,700 crore, its Chairman and CEO Neil Parag Parikh said on Thursday. Parikh said the flagship long-term equity fund scheme has an AUM of Rs 2,300 crore and invests in both domestic and foreign equities.

"We have two more MF schemes -- liquid and tax saver funds. We want to stick to these three schemes for the moment," he told reporters here. He said the long-term equity fund scheme invests 35 percent of assets in foreign equities like Facebook, Google, and Amazon, among others.

"Foreign equities provide protection from country-specific risks," Parikh said. He said West Bengal is among its top 10 markets. "We have mobilized more than Rs 50 crore from the region and it is an important market for us."