Reliance disputes Prudential ICICI claims to top MF spot
By Rex Mathew | 05 Mar 2007
With a massive Rs8,535 crore increase in assets, Prudential ICICI reclaimed the title of top mutual fund house in the country. The fund house had occupied the top spot for a couple months during the last calendar year before losing out to close competitors UTI MF and Reliance MF. Much of the additions for Prudential ICICI during the last month have come in liquid money market schemes, which have become attractive for large and institutional investors because of rising call rates.
However, Reliance MF maintains that it still retains the top position on the basis of average assets for the month. Reliance MF, which was the top mutual fund house in the country in January, added Rs3,196 crore to assets under management (AuM) over the pervious month. Though its month-end assets was more than Rs1,000 crore lower than Prudential ICICI, it is way ahead of the latter on average assets for the month. Average assets managed by Reliance MF in February was at Rs43,593 crore as compared to Rs39,079 crore for Prudential ICICI.
Mutual fund rankings have been traditionally based on month-end assets as mandatory reporting of average monthly assets started only last year.
UTI Mutual Fund, which had seen an erosion in assets for the previous two months, added more than Rs1,000 crore during February to occupy the third spot. UTI MF has been the top fund manager for the last many years, before the private sector players Prudential ICICI and Reliance MF started challenging it last year onwards.
Fund House | Feb 2007 | Feb 2006 | Jan 2007 |
Prudential ICICI | 43,281 | 21,367 | 34,746 |
Reliance MF | 42,216 | 16,859 | 39,020 |
UTI MF | 38,603 | 27,619 | 37,535 |
HDFC MF | 31,080 | 20,122 | 31,425 |
Franklin Templeton | 22,102 | 17,996 | 23,908 |
Birla Sun Life | 21,070 | 12,296 | 21,190 |
SBI MF | 18,474 | 12,892 | 17,552 |
Tata MF | 14,199 | 8,725 | 13,222 |
DSP Merrill Lynch | 13,638 | 9,466 | 13,440 |
Kotak Mahindra | 13,406 | 7,822 | 12,674 |
Standard Chartered | 12,997 | 11,813 | 12,746 |
HSBC | 11,962 | 9,060 | 12,140 |
LIC MF | 11,497 | 7,239 | 12,237 |
Principal | 10,600 | 6,935 | 10,333 |
Figures in Rs Crore | Source: AMFI |