It's like having two AMCs under one roof; a large, well-run fixed income one and an average equity one.
The fund house has been quite aggressive in its product launches. In the equity segment itself it came out with three schemes this year. By and large, it offers a lot of variety to investors. Unfortunately, its performance in equity does not match up to its debt funds.
From its inception a decade ago, it has created history in the fund management industry. It followed a path of aggressive growth and reached the number two position in just five years. But ICICI Prudential is more dependent on institutional investors and debt assets.
Out of its asset base of Rs 49371.12 crore, around 28 per cent comes from cash funds and almost 20 per cent from Fixed Maturity Plans (FMPs). The fund house is credited with running the largest ultra short-term fund and floating rate short-term fund.
ICICI Mutual Fund was promoted by ICICI and later US-based investment bank JP Morgan acquired a stake in the company. In 1997, joint venture partner JP Morgan was replaced by Prudential plc, a British insurance and pension major. The result was a change in the name to Prudential ICICI since the AMC was now a joint holding (55:45) between Prudential and ICICI.
In 2007, the name once again changed to ICICI Prudential to reflect the change in the shareholding pattern.