HDFC MF replaces ICICI Pru as second-largest in assets

06 January 2009

The financial upheavals seen by the bourses in 2008 have shaken up the rankings of the top 10 mutual funds in terms of the average assets under management.

Reliance Mutual fund has managed to retain its crown as number one with Rs70,000 crore worth average assets under management, despite the value of its average assets under management having dropped during the January – December 2008 by over Rs13,690 crore.

However, HDFC mutual fund has replaced ICICI Prudential, with assets up by Rs4,879 crore over that of ICICI Pru. What is interesting to note is that ICICI Prudential was ahead of HDFC by Rs7,300 crore at the end of January, 2008, but was overtaken by the latter at the end of the year.

HDFC's climb in the rankings is seen more due to the fall in the assets of ICICI Prudential, rather than increases in the value of its own average assets under management.

UTI Mutual Fund managed to hang on to its position at third place, even as its avearge assets under management fell sharply by around Rs14,320 crore.

ICICI Prudential is now at number four, with its average assets under management having fallen by Rs15,230 crore between January and December 2008. During the same time period, HDFC's assets fell by Rs2,780 crore.