Abans Holdings gets board's nod to enter mutual fund space

economictimes.indiatimes.com:

Abans Holdings Ltd on Friday said it has secured board's approval to diversify its operations and enter into the country's mutual fund business. This strategic move will position the company at the forefront of asset management services, Abans Holdings said in a statement. In addition, the company said it has received board's clearance for establishing an asset management business in Singapore. «Through its subsidiary, Abans Broking Services Pvt Ltd, the company is proposing for making an application to obtain a capital markets license to engage in fund management activities in Singapore,» the statement noted.

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Unveiling its expansion plans, the company announced that its subsidiary Abans Finance is in the process of incorporating a wholly-owned subsidiary in Gujarat International Finance Tec-City (GIFT City). This subsidiary will focus on lending business operations, strengthening the company's foothold in the lending segment. Abans Holdings is looking to become a dominant player in alternative investments. The company serves as an investment manager for a category II alternative investment fund domestically. Furthermore, it is actively pursuing an investment manager license in GIFT City, which will enable it to manage a category-III alternative investment fund in the International Financial Services Centre (IFSC). Abans Holdings, which got listed on the courses in December 2022, had assets under management (AUM) of Rs 1,850 crore as of June this year.