PruICICI zips ahead of UTI to become top MF

Prudential ICICI Mutual Fund (Pru ICICI) has emerged as the largest mutual fund in the country having a record assets under management (aum) of Rs 32,151-crore as per figures released by the association of mutual funds of India (AMFI).

UTI Mutual Fund, with Rs 30,551-crore ranks second after PruICICI which overtook the former in end-May 2006. Strong net inflows of Rs 1,000-crore during May on the equity side, despite it being a lacklustre month for the equity markets, enabled PruICICI to claim the first spot.

Anil Ambani group company, Reliance Mutual Fund, ranked third with assets under management of Rs 27,915-crore.

Commenting on PruICICI's achievement, Pankaj Razdan, managing director, PruICICI AMC, said: "it is encouraging for us to see our efforts bearing fruit by way of consistency in our growth track-record and recognition of our performance. We will continue our endeavour to offer our investors quality service, innovative investment solutions, convenience in transaction and consistency in product performance."