Reliance MF on top, topples UTI MF

Reliance Mutual Fund has toppled UTI MF to become the country's largest fund house in January with assets under management of more than Rs 39,000 crore (Rs 390 billion).

According to data available with Association of Mutual Funds of India, assets under management of Reliance MF jumped to Rs 39,019.94 crore (Rs 390.19 billion) in January, well ahead of UTI MF's Rs 37,535.07 crore (Rs 375.35 billion).

UTI MF is followed by Prudential ICICI MF in the third place with AUM of Rs 34,745.72 crore (Rs 347.45 billion), while HDFC MF was fourth at Rs 31,424.74 crore (Rs 314.24 billion). Reliance MF added over Rs 2,092.02 crore (Rs 20.92 billion) in January from its total AUM of Rs 36,927.92 crore (Rs 369.27 billion)

in December last year.

The total AUM of all mutual funds, except those of Escorts MF and Taurus MF, stood at Rs 3,39,272.80 crore (Rs 3392.72 billion) for January, marginally up from Rs 3,23,601.79 crore (Rs 3236.01 billion) in December.

After including the fund of funds, the total AUM stood at Rs 3,41,812.65 crore (Rs 3418.12 billion) for December. Investor base of Reliance MF has grown to 3.1 million customers from 1.05 million in one year.

Reliance MF operates in over 500 cities in the country and also has presence in the overseas markets. Reliance Growth Fund was recently adjudged as the best performing fund globally by international agency Lipper on five and ten-years' returns.