New Entrant Old Bridge Mutual Fund Applies for its First Fund with SEBI

Nov 04, 2023

Old Bridge Mutual Fund, backed by Kenneth Andrade’s Old Bridge Capital Management, has filed for its first equity fund with the Securities and Exchange Board of India (SEBI).

In September 2023, Old Bridge Capital Management (OBCM), a premier portfolio management firm, had received the final approval from the capital markets regulator to commence its mutual fund operations.

Old Bridge Mutual Fund was the fourth new asset management company to launch this year after Bajaj Finserv Mutual Fund, Helios Mutual Fund.

After receiving the final nod from SEBI for its mutual fund business, Mr Kenneth Andrade, Founder of OBCM said "We are delighted to receive this license to commence operations for Old Bridge Mutual Fund and will be launching our maiden actively managed equity scheme. As we move forward with our newly acquired license, we remain committed to providing investors with long-term investment solutions on its mutual funds platform as well"

The business was established in December 2015, and in 2016 it began offering portfolio management services. Kenneth Andrade, the founder of OBCM and an industry veteran, oversees the company's investment process and leads investment ideation.

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Recently, Old Bridge Mutual Fund has filed a draft document for – Old Bridge Focused Equity Fund.

According to the filing, the focused equity scheme would adopt the Multicap approach, which entails investing in firms across the market capitalization, and will invest in a maximum of 30 stocks. The S&P BSE 500 TRI will serve as the scheme’s benchmark index.

[Read: New Mutual Funds Launched in 2023: Which Ones Should You Invest in?]

The scheme will have both regular and direct plans with growth and IDCW options. It will be managed by Kenneth Joseph Andrade and Tarang Agarwal. The minimum application amount will be Rs 5,000 and multiplies of Re 1 thereafter.

The scheme will allocate 65-100% assets to equity and equity related instruments, 0-35% assets to debt and money market instruments, 0-35% assets to debt and money market instruments, and 0-10% assets to units issued by REITS and InvITs.

Do note that, SEBI reviews the offer document filed by the fund house to make sure that it contains all of the required information and that the scheme is in compliance with all applicable regulations.

Once SEBI has approved the offer document, the mutual fund house can then launch the new scheme and start accepting investments from investors. As a result, Old Bridge Mutual Fund’s entry in the equity market with its – Old Bridge Focused Equity Fund, yet depends on SEBI’s final approval.