HDFC MF pips Reliance as largest fund house

HDFC Mutual Fund with an averageasset base of Rs 91,827.11 crore has overtaken Reliance MF to become thecountry's largest asset management company.

This is the first time since 2009 that the average assetsunder management (AUM) of Reliance MF fell below the Rs 1 lakh crore.

At the end of September, the AUM of Reliance MF declined byRs 10,598.72 crore or 10 per cent to Rs 90,660.60 crore.

HDFC MFs asset base too witnessed a decline of Rs 205.79crore or 0.2 per cent to Rs 91,827.11 crore at the end of September.

Reliance Capital Asset Management CEO Sundeep Sikka hadearlier said that the company was focusing on increasing its retail customersbase, rather than on bringing AUM through institutional investors.

As at the end of September the average assets managed by themutual fund industry, consisting of 41 active players, stood at Rs 7.12 lakhcrore.

The MF industry witnessed decline in their average AUM by Rs31,255.34 crore or 4.2 per cent, as per the data available with industry bodyAssociation of Mutual Fund Industry (AMFI).

The combined average AUM was Rs 7,43,083.91 crore inend-June. Besides, ICICI Prudential MF and UTI MFs assets declined 5.7per cent and 9.4 per cent. At the end of September quarter, ICICI Prudential'sAUM stood at Rs 75,217.10 crore and UTI MF's at Rs 62,579.86 crore.

The industry has seen an AUM decline of 5 per cent inDecember quarter and 2 per cent in March quarter. This was followed by a 6 percent increase in the June quarter.

As many as 22 players witnessed a decline in their AUM inthe September quarter.

Among the other players Birla Sun Life MF saw their averageassets declining 4.8 per cent to Rs 64,217.03 crore. Also SBI MF average AUMfell 0.3 per cent to Rs 47,731.39 crore.