VR Logo

ICICI Pru Tops in EPFO Gains

Out of the four fund managers, ICICI Pru AMC generated the highest returns

Employees Provident Fund Organisation had appointed four fund managers (ICICI Prudential Asset management Company (AMC), State Bank of India, HSBC AMC and Reliance AMC) to handle the money that belongs to employees across India. The first nine months have passed (till June 30) and there is a basis to decide which of these four managed to get the best returns.

The data, collected by CRISIL (which was chosen to judge their performances), reveals that the winner is ICICI Pru, which has become the top earner by the dint of providing a 8.73 per cent return on the EPFO funds that it manages.

Following in its wake is SBI, which managed to garner a gain of 8.70 per cent.

While HSBC comes in third, bringing up the rear is Reliance, with returns of 8.67 per cent and 8.52 per cent.

The margin of the win is negligible and if looked at holistically there is hardly anything separating them. But the significant part of the performance is that all of them have been able to generate returns in excess of 8.5 per cent, which is the interest rate that the EPFO has been paying to its subscribers over the last three years.

The amount promised this year is also 8.5 per cent.

The fund managers were appointed in July, 2008.

The EPFO has a subscriber base of 4.5 crore and its corpus is 2.57 lakh crore.