ITI Asset Management (MF)

About

ITI Asset Management Company Limited (ITI AMC) launched its mutual fund business in 2019.

ITI AMC is part of Investment Trust of India Ltd (ITI Group). ITI Group was the promoter of the first private sector mutual fund launched in India, Pioneer ITI Mutual Fund, which later on was taken over by Franklin Templeton Mutual Fund in the year 2002. Investment Trust of India is the promoter of ITI Mutual Fund. 

Sudhir Valia is the mentor and one of the shareholders of ITI Group. He is a member of the Institute of Chartered Accountants of India and carries more than three decades of experience in taxation and finance. He helped ITI Group to enter into the 23-trillion Mutual Fund Industry by launching its own Mutual Fund business.

https://www.business-standard.com/article/markets/sudhir-valia-backed-iti-group-forays-into-mutual-fund-business-119041600052_1.html

Key figures from financial statements ending 31st March, 2022 –

Total income (INR crores)Total Expense (INR crores)EBIT (INR crores)EBIT MarginNet Profit (INR crores)Total Income (USD millions)Total Expense (USD millions)Net Profit (USD millions)
105.70436.07-330.37-312.55%-330.3714.0958.14-44.05

https://itiamc.com/admin/pdf/1659414146-AMC_Annual_Report-_2021-2022-lr_(1).pdf


Key staff

Hitesh Thakkar, Acting CEO – has over 22 years of experience.  Thakkar joined ITI Asset Management Limited in March 2019 as Head – Operations and Customer Service and was the Chief Operating Officer, managing Operations, Finance and Customer Service. Past Experience: Prior to joining ITI Asset Management Limited, he was associated with ERDA (Electrical Research & Development Association) as Assistant Director & Head Corporate. He has been also associated with Nippon India Life Asset Management Ltd., IDBI Bank and HDFC Bank. 

Gaurav Goyal, Chief Business Officer (CBO ) –  joined as the Chief Business Officer on April 2nd, 2022. Previously, Goyal was the National Head- Sales & Distribution for Principal Mutual Fund. He has more than 22 years of experience.

Dhimant Shah, Head – Equity – is a Chartered Accountant & Commerce Graduate from Mithibai College, Mumbai University. He has more than 26 years’ experience. His previous assignment was as Head Research and Co Fund Manager – Equities with One – up Finance Pvt. Ltd.

The following are no longer on the website –

Rajesh Bhatia, managing director and chief Investment officer – has about 30 years experience. Previously, he was MD & CIO at Heritage India Advisors, SVP and Head of PMS (Reliance Capital). He has 14 years of experience in alternative investments (Long-short). He was also the SVP and Head of PMS at Reliance Capital at the beginning of his career. He is a commerce graduate from HR College, and has also completed the CFA program conducted by the CFA Institute, USA.

Pradeep Gokhale, Senior Fund Manager and Head of Research – since November 2018. He possesses an overall 23 years of experience in Fund Management, Equity Research, Credit Evaluation and Ratings. Also, he was associated with Tata Asset Management Ltd. for 15 years. His last role was in the capacity of Senior Fund Manager – Equities. He is a qualified Chartered Accountant from the Institute of Chartered Accountants India. In addition, he is a Chartered Financial Analyst from CFA Institute- USA.

Investment philosophy

The fund house believes that its unique equity investment philosophy “SQL” helps to buy excellent quality growing companies stocks with reasonable margin of safety and hold it for long term. ITI Multi Cap Fund will focus on providing investors a superior risk adjusted investment performance for long-term wealth creation. ITI MF seeks to deliver the above proposition by focusing on SQL, its unique internal philosophy. SQL philosophy is based on three main pillars; S – Margin of Safety, Q – Quality of the Business and L – Low Leverage.
Link: https://equitybulls.com/category.php?id=249292

Media

ITI Mutual fund crossed Rs 2,000 crore AUM or Assets Under Management as of August 31. ITI Mutual Fund launched its operations in 2019. Out of the total of Rs 2,034 crore, equity funds accounted for Rs 1,460 crore while hybrid and debt schemes accounted for Rs 230 crore and Rs 344 crore respectively.
Link: https://economictimes.indiatimes.com/mf/mf-news/iti-mutual-fund-enters-rs-2000-crore-aum-club/articleshow/86066012.cms?from=mdr

Prepared by Tripti Sinha, Aug 2022, updated Rohini Pal Dec 2022

Recoding about the firm: https://www.cnbctv18.com/binge/rajesh-bhatia-of-uflex-sp-bK78Buel6FI.htm

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