Prudential ICICI MF's total assets under management (AUM) as at the end of May 2006 stands at Rs 32,150.95 crore.
MUMBAI: Friday turned out to be a red-letter day for Prudential ICICI Mutual Fund. After mutual fund houses took stock of the assets they added to their total corpus over May 2006, Prudential ICICI MF came out on top, pushing UTI Mutual Fund down from the No 1 slot it had occupied since mutual funds as an industry took shape in India.
Prudential ICICI MF's total assets under management (AUM) as at the end of May 2006 stands at Rs 32,150.95 crore, a 16.9% gain from April 2006. In absolute terms, this translates into an addition of Rs 4,647.54 crore over the previous month.
Meanwhile, UTI MF's AUM gained just 1.5% over May to touch Rs 30,551.02 crore. Of course, most of UTI MF's losses would have been marked to market, since they have a larger component (56% as at the end of May 2006) of their AUM in equity.
The Sensex had lost 14.1% over May. "In a falling market, the larger the equity component in one's portfolio the larger will be the hit. But it is business as usual for us and we will continue to play a role in the growth of the industry," said AK Sridhar, chief investment officer of UTI Mutual Fund.
Pankaj Razdan, managing director of Prudential ICICI MF, is modest. "This is a by-product of doing everything right for the investors. Our commitment has been to grow the industry, and be a vehicle to transform savings into investments. We have achieved this milestone (of being the No 1 AMC) in the execution of these objectives, and not by any design," he said.
Prudential ICICI, however, has only 24.6% of its AUM in pure equity. According to Razdan, even in May, when the markets were down, the fund house received net inflows of Rs 1,000 crore into existing equity schemes. Though this may be the case, pure equity AUM of Prudential ICICI dropped from Rs 8,340 crore as at the end of April 2006, to Rs 7,918 crore as at the end of May 2006, according to figures given by the fund house. This is broadly in line with the market fall.
The joint venture between Prudential of UK and ICICI Bank was formed in 1998 with an AUM base of Rs 160 crore. Since then, it has grown its assets 200 times, and now has over 30 schemes in its product portfolio. Meanwhile, the total AUM of the industry grew 7.3% over May 2006 to Rs 2.76 lakh crore.
Reliance Mutual Fund, HDFC Mutual Fund and Franklin Templeton Mutual Fund retained their No 3, 4 and 5 rankings.
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