Reliance enters top 5 MF club

Power fund propels AUM in April

The assets under management at the end of April 2004 has seen a major realignment in the funds industry - Reliance Mutual Fund has stormed into the top five funds league, while Prudential ICICI MF has fallen to fourth position, after UTI MF, Franklin Templeton and HDFC MF, according to data provided by Credence Analytics.

Birla MF, as a consequence has been pushed to the fourth place. Reliance MF, helped by its diversified power sector fund, which mobilised Rs 450 crore has topped the funds league table in terms of inflows, which were at Rs 2627 crore.

The fund house has also logged the maximum growth in AUMs at more than 36 per cent. Standard Chartered MF also reported good inflows at Rs 2011 crore, while Templeton's net inflows were to the tune of Rs 1916 crore.

HSBC with assets of Rs 1057 crore has also entered the league of top ten funds in the industry for the first time. SBI Mutual Fund has, however, dropped out of the top ten.

Industry circles said that the fund house has been a steady climber since its launch. DSPML Mutual Fund has also been climbing the charts.

April, incidentally, has seen the highest growth in the funds sector at 6.05 per cent and total assets under management stood at Rs 1,48,325 crore compared to Rs 139867 crore a year back.

The last time the sector has witnessed such a high growth was in August, last year.

Credence Analytics, which reviewed 26 funds found that UTI MF, IL&FS MF, Canbank MF, ING Saving Trust, Morgan Stanley MF and Sun F&C MF have witnessed a drop in their assets, with UTI MF seeing the highest erosion of Rs 769 crore.

The growth rate of the top five fund houses, based on net assets, averaged to just 5.47 per cent, while based on inflows the growth of the top five funds has been nearly 25 per cent.