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HDFC MF pips ICICI Prudential MF to become largest AMC in India

HDFC MF pips ICICI Prudential MF to become largest AMC in India

HDFC Mutual Fund recently overtooked ICICI Prudential MF to become the country’s largest asset management company after a gap of over two years. As of December-end, HDFC MF manages assets whopping Rs 3.35 lakh crore, while those of ICICI Prudential MF stands at Rs 3.08 lakh crore, as per the latest data available with Association of Mutual funds in India (Amfi).

The assets under management (AUM) of HDFC MF have risen over 9 per cent in October-December quarter from the previous three-month period, however, ICICI Prudential MF’s AUM slipped by 0.6 per cent during the period under review.

HDFC MF dominated the mutual fund market in India and was the largest asset manager since October 2011 and it held the numero one position till March 2016, when ICICI prudential MF had pipped the top spot.

On month-on-month basis, ICICI Prudential MF had surpassed HDFC MF in terms of AUM in February 2016 and had reached the pole position.

SBI MF is at the third slot with AUM of Rs 2.64 lakh crore, followed by Aditya Birla Sun Life MF (Rs 2.42 lakh crore) and Reliance MF (Rs 2.36 lakh crore).

Overall, asset base of the country’s mutual fund industry was at Rs 23.61 lakh crore at the end of December quarter.

In 2019, the fund houses expect the industry to witness robust growth as the sector is yet to tap its full potential. Besides, several measures taken by the regulator Sebi will help in increasing the penetration of mutual funds and also they are helping fund houses to reach in rural parts of India.

Mutual funds are investment vehicles made up of a pool of funds collected from a huge number of investors and invest in asset classes like stocks, bonds and money market instruments, among others.

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