The Hindu Business Line : Fidelity Equity Fund tops managers' list

INDIAN investors appear to have taken seriously Fidelity's slogan of `Invest with the world No. 1'. In just over three months since its launch, Fidelity Equity Fund has emerged as the top equity fund in terms of assets under management.

As of end-July 2005, Fidelity Equity Fund had Rs 1,960 crore under management, edging ahead of Franklin Flexi Cap Fund that manages Rs 1,938 crore.

At the end of July, there were 12 funds with assets under management of more than Rs 1,000 crore. Only equity funds managed by Franklin Templeton, HDFC, Reliance, UTI, Morgan Stanley and HSBC are in this league. At the end of July 2004, there were only five funds with assets under management of more than Rs 1,000 crore.

In terms of fund houses, Franklin Templeton is now the top equity fund manager in the country with assets of Rs 7,400 crore in various equity schemes. UTI is a close second with equity assets totalling about Rs 7,100 crore. Other fund houses are way behind, with HDFC, managing equity assets of nearly Rs 5,000 crore, in the third position.

Equity assets managed by mutual funds have grown sharply in the past year. Total equity assets managed by mutual funds were about Rs 46,600 crore at the end of July 2005, up a shade more than 100 per cent from Rs 23,105 crore at the end of July 2004.

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