Quantitative trading and investment firm AlphaGrep has received in-principle approval from the Securities and Exchange Board of India (SEBI) to sponsor a mutual fund, allowing the company to enter India's retail asset management industry.

The mutual fund operations will be carried out through AlphaGrep Investment Management, which will focus on offering retail investment products based on quantitative and data-driven strategies.

Founded in 2010, AlphaGrep manages more than Rs 8,500 crore in assets globally and about Rs 2,000 crore across its Alternative Investment Fund and Portfolio Management Services platforms in India, including operations in GIFT City.

The firm plans to introduce equity and hybrid mutual fund schemes that use systematic and rules-based investment approaches powered by mathematical models and machine learning.

AlphaGrep Investment Management will be led by chief executive officer Bhautik Ambani, with the company planning to launch its first new fund offers in the coming months.

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