MUMBAI, April 29: It is a moment that Indians will not forget for a long time. The moment when Kapil Dev lifted the Prudential World Cup way back in 1983. Not to stay away from cashing in on those moments, Prudential Asset Management has decided to reap the benefit from these moments of glory in launching its Indian mutual fund arm."Prudential is back to India after 15 years", screams a hoarding put up as a part of a major marketing effort that Prudential-ICICI Asset Management has planned to go in for.
The effort has gone much beyond putting up a hoarding on the busy streets of Mumbai. The company has actually gone a step ahead and decided to create a replica of the Prudential Cup which Kapil Dev lifted in 1983.
"Right to the dent that the cup received after it was dropped accidentaly by Kapil Dev, the company has tried to create a true replica of the cup and unveil it before a galaxy of top cricketers and corporate chieftains on Saturday", said a company source.
"Prudential is a name wellentrenched in the minds of Indians after that unforgettable victory in 1983. `Considering that India is once again doing rather well in cricket these days, we thought it makes sense to use this as a marketing tool for the official launch of the mutual fund arm of the group", said the source.
Prudential which is also a major insurance player waiting in the wings to enter the country once the government opens up the doors for the entry of foreign insurance players into the country, has recently gone in for a major ad-blitz in leading financial dailies regarding the strength of the UK-based group.
"The mutual fund arm understands the relevance of coming out with products suited for the Indian market. It is towards this effect that we have commissioned a survey of investors and their attitide towards mutual funds. IMRB has been commissioned to carry out the study", said the source.
"Marketing and distribution are going to hold the key to the success of a mutual fund. Our efforts are aimed at enhancingthese", said the source.Prudential and ICICI, have recently set up a joint venture asset management arm. The venture was formalised in March and two officials of ICICI were inducted on the board of the company.
Prudential Corporation of UK has a 55 per cent stake in the AMC while the Investment Credit & Investment Corporation of India holds the remaining 45 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
