Housing Development Finance Corporation (HDFC) has increased its stake in HDFC Asset Managment Company (HDFC AMC - the investment manager to HDFC Mutual Fund) by 9.90%.According to a release issued by HDFC to the BSE today, the firm has acquired 24,90,939 equity shares for Rs 10 each of HDFC AMC from Standard Life Investments (SLI - Investment arm of Standard Life Plc, UK) for around Rs 181.81 crore.HDFC now holds 60% stake in HDFC AMC. The corporation and SLI continue to remain the co-sponsors of HDFC Mutual Fund.HDFC AMC is the third largest private sector mutual fund with funds under managemnet of Rs 41,333 crore as of September 30,2007. Its equity assets constitute nearly 44% of the total funds under management.Also, HDFC AMC has Rs 52,767 crore funds under management under its portfolio management and advisory services to domestic and offshore clients.
