 "MF industry's assets grow 14% in FY16")
In the financial year ended March 2016, the equity segment saw record flows of Rs 75,000 crore.
ICICI Prudential AMC, which has been fast chasing HDFC MF, managed to topple the latter from the top slot by a small margin of about Rs 100 crore, as its asset size grew to Rs 1,75,880.86 crore. HDFC MF, on the other hand, had assets worth Rs 1,75,779 crore.
Reliance MF managed to hold the third position in terms of asset size. Its AUM grew 15.52 per cent in FY16 to Rs 1,58,408.44 crore, becoming the third fund house to cross the Rs 1.5-lakh crore mark. It was followed by Birla Sun Life Mutual Fund, with asset size of Rs 1,36,503.41 crore.
Meanwhile, during the March quarter, SBI Mutual Fund replaced UTI AMC in the list of top five largest fund houses as fifth largest fund houses in terms of assets size.
According to the data from the Association of Mutual Funds in India (Amfi), SBI MF in FY16 recorded a growth of 42 per cent in assets size to Rs 1,06,780.77 crore, from Rs 74,942 crore last year. UTI is now dropped to sixth position with an assets under management (AUM) size of Rs 1,06,309 crore.
Dinesh Khara, managing director of SBI MF, said, “Enhanced engagement with distributors, consistence performance of our schemes and marketing in B-15 and beyond cities, with strong SBI brand helped us achieve this milestone.”