The Hindu Business Line : Pru ICICI replaces Reliance as top MF

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Mumbai March 2 In a snake and ladder game, Prudential ICICI Mutual Fund has replaced Reliance Mutual Fund as the mutual fund with largest assets under management at Rs 43,280.68 crore for February, as per data released by The Association of Mutual Funds in India.

Prudential ICICI mutual fund assets gained 24.56 per cent to replace Reliance mutual fund, whose assets were up 8.17 per cent at Rs 42,209.76 crore.

"We are committed to deliver customer outcomes and will continue to offer our investors quality service, innovative investment solutions, convenience in transaction and consistency in product performance. More than position, it is our consistent and sustained efforts to offer our customers an overall experience, keeping in mind the regulatory framework," said Mr Pankaj Razdan, Managing Director, Prudential ICICI AMC.

The asset base of the MF industry grew by Rs 14,031.09 crore or 4.13 per cent at Rs 3,53,302.89 crore. However, the growth in the industry was mixed with the asset base of 14 mutual funds declining.

UTI Mutual Fund (which was at the top for quite some time) at Rs 38,602.99 crore, HDFC Mutual Fund at Rs 31,079.88 crore and Franklin Templeton Mutual Fund at Rs 22,102.19 crore were the other top mutual funds in terms of assets under management.

Benchmark Mutual Fund saw the steepest drop in asset base by Rs 1,141.97 crore or 18.79 per cent at Rs 4,934.59 crore.