I guess, if market does not perform, there will not be much interest to participate from the retail via MF route, as they have number of other options to put their money in. And if there is not much of retail participation, whose participation forms the majority of AUM for an AMC, the vertical which caters to these AMCs listed or not, will come down for RTAs too. All these entities are participating in the same ground with a major portion of their revenues intertwined, excluding the verticals which are independent and exclusive to one company.
So my limited view is that, market should grow, the interest/incentive to put money should continue, the wheel should not slow down, then maybe yes I guess RTAs may yield more than AMCs, more so when the differential is diminishing between one AMC and other, unless there comes a Quant, which may or may not continue its outperformance.
Just my thoughts, not invested in any AMC, had a position in CAMS before.
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