HDFC MF is No 2 in private sector funds

Mumbai: HDFC Mutual Fund, which started its operations in July 2000, has zoomed ahead of other private mutual fund players to become the second largest in the mutual fund industry.

In just 16 months of its operations, HDFC MF has garnered an asset base of Rs 4593.48 crore as of 14 February 2002. Also, in the last 16 months, HDFC MF has clearly emerged as the growth leader in the MF industry by a margin of over Rs 1,200 crore vis--vis other private players.

Says HDFC Asset Management Company managing director Milind Barve: "Apart from inheriting a strong brand, our long-term approach towards investments and an excellent distribution infrastructure has helped us in our growth objectives. We look forward to serving our investor-base through out the country. We will also ensure that their investments are safe, secure and profitable."

HDFC MF, registered in June 2000, currently manages eight schemes under its product portfolio catering to varied investment needs of individuals and institutions alike. The product portfolio of HDFC Mutual Fund includes: HDFC Growth Fund, Balanced Fund, Income Fund, Liquid Fund, Tax Plan 2000, Childrens Gift Fund, Gilt Fund and Fixed Investment Plan.

HDFC Asset Management Company was set up as a wholly-owned subsidiary of Housing Development Finance Corporation, with an initial equity share capital of Rs 20 crore. In the mutual fund venture, HDFC has tied up with the Standard Life Assurance Companys (SLAC) investment arm, Standard Life Investments. SLAC is one of the leading insurance companies in the UK.