Indian mutual funds win 22 performance awards in Gulf region

28 Mar 2007

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Mumbai: Indian mutual funds have bagged as many as 22 performance awards across various categories in the Gulf region, with Reliance Mutual Fund leading the show with the highest number of awards.

Reliance Banking Fund Growth Plan bagged the best fund award for three-year return in the equity banking segment, while Reliance Growth Fund was named as best equity funds in three-year as well as five-year return categories.

The awards were presented at the `Lipper Fund Award Gulf 2007' ceremony in Dubai for recognising best performing funds registered for sale in the Gulf States.

In the ranking by global fund tracker Lipper Inc, Franklin Templeton was named the overall best fund house among all mutual fund companies doing business in the Gulf region while HDFC was selected as the best company in the mixed-assets categories in terms of three-year returns.

Reliance funds have bagged the best fund awards in six categories, while the country's largest fund house ICICI Prudential managed to get just one award.

Franklin Templeton took the second slot with five awards, followed by HDFC and UTI with three each and DSP Merrill Lynch and Birla Sunlife MF two awards each.

Reliance MF said in a statement that it has bagged awards across six sectors for their consistent and outstanding performance across three and five year time periods.

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