labels: reliance mutual fund, mutual funds
Reliance MF becomes largest private sector mutual fund news
05 April 2006
Reliance Mutual Fund has emerged as the largest private sector fund house in the country, as of March end, overtaking Prudential ICICI which has been holding that position for many years. Reliance MF more than doubled the assets under management over the last one year.

UTI MF remains the largest fund house in the country with more than Rs29,500 crore in assets under management, as of March 2006 end. Prudential ICICI, HDFC MF and Franklin Templeton complete the top five.

Fund

March 2006

March 2005

Assets under management in Rs crore

UTI MF

29,519

20,740

Reliance MF

24,670

9,543

Prudential ICICI

23,502

15,201

HDFC MF

21,550

15,010

Franklin Templeton

17,827

15,354

Birla Sun Life

15,019

10,373

SBI MF

13,186

6,463

DSP Merrill Lynch

10,796

5,502

Tata MF

9,717

6,784

Standard Chartered

9,412

6,776

HSBC

9,220

6,247

Assets under management, excluding fund of funds, for the whole mutual fund industry increased to Rs231,358 crore, as of March 2006, from Rs149,266 crore, as of end March 2005.

The various fund of funds schemes had Rs10,118 crore under management as of March 2006, as compared to Rs4,555 crore a year before. Fund of fund schemes invest in schemes of other mutual funds.

All the major fund houses have seen significant growth in assets under management over the last one year. The stock market rally has encouraged more and more retail investors to consider mutual funds. The corporate sector, flush with cash in the economic boom, has also parked part of its surplus cash in mutual funds.

The Jan-March quarter saw many of the large fund houses launching a large number of new fund offers (NFO) to capitalise on the high investor interest in stock markets. Various fund houses are estimated to have collected nearly Rs15,000 crore in this period. Reliance Equity Fund collected a record Rs5,700 crore, making it the single largest mutual fund scheme in India.


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Reliance MF becomes largest private sector mutual fund