The Hindu Business Line : Prudential ICICI Mutual tops in asset chart

Fact-sheet
Reliance, HDFC and Franklin Templeton occupy No. 2, 3 and 4 spots respectively
SBI Mutual Fund asset base shrinks
Total asset under management (excluding FoFs) stands at Rs 2.76 lakh crore

Mumbai/Kolkata , June 2

Prudential ICICI Mutual Fund has emerged as the largest mutual fund (MF) for May in terms of funds under management.

Its asset under management (AUM) is Rs 32,151 crore as per figures released by the Association of Mutual Funds of India (AMFI). It over took UTI Mutual Fund whose funds stand at Rs 30551.01 crore.

During the month, Prudential ICICI MF added Rs 4647.54 crore, a 16.9 per cent increase to achieve the feat. Mr Pankaj Razdan, Managing Director, Prudential ICICI AMC, told Business Line, "We are looking at opportunities that are much larger than just crossing our nearest competitors. For us, customer is at the centre and achieving the top slot is the by product of our efforts in that direction."

He also said that Prudential ICICI MF did not require to constantly add new products to increase its assets under management. All the existing products offered value to the customer and transparency was adhered to.

Reliance Mutual Fund (Rs 27,914 crore), HDFC Mutual Fund (Rs 23,649 crore) and Franklin Templeton Mutual Fund (Rs 22,359 crore) were other MFs with high AUM after the top two MFs.

SBI MF lost Rs 835.69 crore, recording highest fall of AUM for the month at 5.76 per cent decrease followed by Standard Chartered MF, which lost Rs 798.41 crore.

Of the total 29 MFs, nine MFs recorded declines in AUM over the month, while the others gained. Morgan Stanley MF, Birla Sun Life MF and Sahara MF were a few of the others that reported declines.

Fund of fund (FoF) numbers are not part of these figures, it may be mentioned. The overall industry figure (FoF excluded) for the month is Rs 2,76,342 crore, more than the April-end tally of Rs 2,57,499 crore.

The smallest of the lot include the newly-launched Quantum MF (Rs 30 lakh) as well as older players such as Sahara MF, Taurus MF and DBS Chola MF.

Distributor debarred

The MFs' association has suspended the registration allotted to an intermediary, Ms S Biswal, for alleged misconduct. The distributor (ARN - 18964) has been debarred from marketing mutual fund products, AMFI has stated even while it advised investors not to deal with her until the suspension is revoked.