The asset management subsidiary of Peerless General Finance & Investment Company (PGFI), Peerless Funds Management Company (PFMCL), has announced its entry in the mutual fund business.

PFMCL, a wholly owned subsidiary of the Kolkata-based PGFI, is the first financial services company to receive SEBI approval for setting up an asset management company (AMC) in eastern India.

"With the start of this new venture, it is my vision and aspiration to bring East India to the forefront of India`s financial power play and expand the national footprint of Peerless across newer geographies," said S K Roy, managing director of PGFI.

"This venture is consistent with our plan to capitalise on such opportunities and emerge as the country's leading financial supermarket," he added

Asset management, one of the fastest-growing financial services across the globe, saw a combined annual growth rate (CAGR) of over 30 per cent in India over the last 6 years, he pointed out.

"Organised mutual fund business is still highly concentrated in metros and considerable opportunities still exist in Tier II, Tier III cities and semi-urban markets. We are optimistic to meet the needs of such evolving Indian investors through our extensive network of branches, product bouquets and customized service," Peerless chairman A C Chakraborti said.