New Delhi: HDFC Mutual Fund with an average asset base of Rs 91,827.11 crore has overtaken Reliance MF to become the country's largest asset management company.
This is the first time since 2009 that the average assets under management (AUM) of Reliance MF fell below the Rs 1 lakh crore.
At the end of September, the AUM of Reliance MF declined by Rs 10,598.72 crore or 10 percent to Rs 90,660.60 crore.
HDFC MFs asset base too witnessed a decline of Rs 205.79 crore or 0.2 percent to Rs 91,827.11 crore at the end of September.
Reliance Capital Asset Management CEO Sundeep Sikka had earlier said that the company was focusing on increasing its retail customers base, rather than on bringing AUM through institutional investors.
As at the end of September the average assets managed by the mutual fund industry, consisting of 41 active players, stood at Rs 7.12 lakh crore.
The MF industry witnessed decline in their average AUM by Rs 31,255.34 crore or 4.2 percent, as per the data available with industry body Association of Mutual Fund Industry (AMFI).
The combined average AUM was Rs 7,43,083.91 crore in end-June.
Besides, ICICI Prudential MF and UTI MFs assets declined 5.7 percent and 9.4 percent. At the end of September quarter, ICICI Prudential's AUM 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 percent in December quarter and 2 percent 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 in the September quarter.
Among the other players Birla Sun Life MF saw their average assets declining 4.8 percent to Rs 64,217.03 crore. Also SBI MF average AUM fell 0.3 percent to Rs 47,731.39 crore.
First Published: Tuesday, October 4, 2011, 19:43