HDFC MF overtakes ICICI Prudential
NEW DELHI: HDFC Mutual Fund has overtaken ICICI Prudential as the country's second largest fund house after the industry snapped its two-month losing streak to record a three per cent rise in its asset base in August.
Anil Ambani Group firm's Reliance Mutual Fund has retained its top slot with an AUM of Rs 88,616.46 crore at the end of August, while ICICI Prudential has slipped to third position after a decline in its AUM to 53,092.78 crore, according to data released by the Association of Mutual Funds in India.
Following a 6.12 per cent surge, HDFC MF's AUM has become the second largest in the country at Rs 53,858.63 crore.
The combined average asset under management (AUM) of the 34 fund houses in the country increased to Rs 5,44,317.26 crore at the end of August, as compared to Rs 5,29,629.46 crore in July.
Analysts feel that fixed maturity plans and liquid schemes have become the flavour of the season for fund houses and investors are now focusing on these close-ended funds.
"The slight improvement in the AUM of mutual funds in August has been mainly due to investors turning their attention more towards fixed maturity plans and liquid schemes, which provided them with comfortable returns and some stabilisation has also returned in equity market," Taurus Mutual Fund Director R K Gupta said.
The average AUM of ICICI Prudential declined by Rs 2,067.88 crore, or 3.75 per cent this month from Rs 55,160.66 crore in July.
Besides, country's top fund house Reliance MF recorded the highest increase of over Rs 4,052.55 crore or 4.79 per cent in its average AUM in August, thereby retaining the top slot in the industry.
Reliance MF's AUM had stood at Rs 84,563.91 crore at the end of July.
Source : DNA India
NEW DELHI: HDFC Mutual Fund has overtaken ICICI Prudential as the country's second largest fund house after the industry snapped its two-month losing streak to record a three per cent rise in its asset base in August.
Anil Ambani Group firm's Reliance Mutual Fund has retained its top slot with an AUM of Rs 88,616.46 crore at the end of August, while ICICI Prudential has slipped to third position after a decline in its AUM to 53,092.78 crore, according to data released by the Association of Mutual Funds in India.
Following a 6.12 per cent surge, HDFC MF's AUM has become the second largest in the country at Rs 53,858.63 crore.
The combined average asset under management (AUM) of the 34 fund houses in the country increased to Rs 5,44,317.26 crore at the end of August, as compared to Rs 5,29,629.46 crore in July.
Analysts feel that fixed maturity plans and liquid schemes have become the flavour of the season for fund houses and investors are now focusing on these close-ended funds.
"The slight improvement in the AUM of mutual funds in August has been mainly due to investors turning their attention more towards fixed maturity plans and liquid schemes, which provided them with comfortable returns and some stabilisation has also returned in equity market," Taurus Mutual Fund Director R K Gupta said.
The average AUM of ICICI Prudential declined by Rs 2,067.88 crore, or 3.75 per cent this month from Rs 55,160.66 crore in July.
Besides, country's top fund house Reliance MF recorded the highest increase of over Rs 4,052.55 crore or 4.79 per cent in its average AUM in August, thereby retaining the top slot in the industry.
Reliance MF's AUM had stood at Rs 84,563.91 crore at the end of July.
Source : DNA India