Anil Ambani Group firm Reliance MF has become the first mutual fund in the country to cross an average asset under management of Rs one lakh crore.
"We have become the first company in the country to cross an average AUM of Rs one lakh crore. The surge in May was mainly due to improving liquidity and strengthening market sentiment," Reliance Mutual Fund CEO Sundeep Sikka told PTI.
Reliance MF, the country's largest fund house, has witnessed an increase of about 13 per cent with the average AUM crossing the Rs 1,00,00 crore-mark in May as compared to Rs 88,387.98 crore at the end of April.
In May last year, Reliance MF had crossed the Rs one lakh crore mark, but in terms of total assets under management.
However, this time the level has been crossed in the average AUM for the month which is the figure taken into consideration in the data released by the Association of Mutual Funds of India (AMFI).
For the past two years, Reliance AMC has been topping the AUM charts backed by strong inflows into equity and later in debt or money market schemes.
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Sikka further said going forward the three per cent penetration levels of mutual funds in the country should be extended to each and every household.
"As an industry, we have a long way to go to achieve the mutual fund penetration in every household in the country and Reliance MF is aiming to achieve that going forward," Sikka said.
Asked about Reliance MF's new fund offering in the infrastructure sector which opened recently, Sikka said the initial response has been good.
"We expect to receive strong investments for the NFO as the new government has also indicated more investments in the infrastructure projects," he added.
However, Reliance MF is not planning any other fund offering in the near future.