Prudential-ICICI MF beats UTI MF as top mutual fund
Our Markets Bureau
02 June 2006
Prudential ICICI Mutual Fund has beaten UTI Mutual Fund as the top fund house in the country for the first time ever. Pru-ICICI has consistently been the second largest fund house behind UTI MF, except for March 2006 when Reliance MF briefly took that place.
Pru-ICICI added Rs4,648 crore to assets under management during May 2006, despite the market correction. UTI MF saw net inflows of only Rs442 crore during the month.
Most fund houses managed modest increases in assets under management during May, indicating that redemption pressures have not set in even after the substantial fall in stock market indices. Among the top fund houses, which have declared their May numbers, Birla Sun Life, SBI MF and Standard Chartered MF have seen marginal decline in assets under management from April 2006.
Reliance MF, DSP Merrill Lynch and Tata MF have not yet declared their May 2006 assets under management figures.
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