Capitalmind Financial Services, a prominent financial firm based in Bengaluru and led by Deepak Shenoy, has secured in-principle approval from the Securities and Exchange Board of India (SEBI) to launch its own mutual fund. This approval, received on August 26, 2024, marks a significant expansion for the company, which has previously built its reputation in portfolio management.
Capitalmind, which applied for the mutual fund license on January 5, 2024, is now poised to diversify its investment offerings. The firm currently manages over Rs 2,200 crore in assets through its Portfolio Management Services (PMS) and caters to a growing clientele of more than 1,150 clients. It is recognized as the 25th largest provider of discretionary equity strategies in India, reflecting its solid foothold in the financial sector.
Deepak Shenoy, CEO of Capitalmind, expressed enthusiasm about this new venture, stating, “We are excited to introduce innovative investing approaches tailored to the evolving needs of Indian mutual fund investors. Our goal is to serve the rapidly growing cohort of 4.5 crore mutual fund investors with exceptional products and services while contributing to the growth of the overall Mutual Fund Industry.” Shenoy further emphasized the company’s commitment to contributing to India’s financialization, noting that the mutual fund industry is valued at Rs 64 lakh crore.
Capitalmind’s journey began with a blog where Shenoy shared his expertise on investing and personal finance. Since then, the company has broadened its services to include equity research, model portfolios, and a robust investing community. It launched its portfolio management service in 2017 and introduced an Alternative Investment Fund (AIF) in 2024, marking significant milestones in its growth.
Today, Capitalmind serves over 20,000 retail investors and 1,350 PMS clients, including high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). The company’s expansion into the mutual fund sector comes as the Indian mutual fund industry, with 43 players managing assets worth Rs 65 trillion, experiences strong growth driven by increased investor participation and a booming economy.
Joining the ranks of Bengaluru-based asset management firms such as Zerodha Fund House, Groww Mutual Fund, and Navi Mutual Fund, Capitalmind is well-positioned to make a notable impact in the competitive mutual fund market. With SEBI’s approval, the firm is set to enhance its presence in India’s dynamic mutual fund landscape.
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As an author and writer specializing in investment and finance , I am dedicated to delivering insightful articles and news stories that inform and engage the investment community . My focus is on providing timely and relevant content that covers market trends , innovative strategies , and key financial development . My goal is to equip investors with the knowledge and insights needed to make informed decisions and succeed in a dynamic financial environment.
