Elder Ambani may enter fund business

With the scrapping of the non-compete agreement between the Ambani Brothers, the elder brother, Mukesh Ambani is expected to now expand into businesses where Reliance-ADAG has a presence. According to an article in Mint, Mukesh Ambani is engaged in talks that could lead to his purchasing a majority stake in JM Financial Asset Management. The report also states that the estimated value of the deal would be around 8 per cent of assets under management (AUM) of JM Financial Asset Management.

JM Financial has Rs 8,568.80 crore (as on April 30, 2010) worth of AUM.

JM Financial Mutual Fund Schemes Type    Number of schemes Equity Funds (Open End)   13 Debt Funds (Open End)   4 Short-term Debt (Open End)   11 Hybrid Funds (Open End)   3 Closed-end Funds   5

Reliance Mutual Fund, controlled by Anil Ambani, is the country's largest fund house with AUM of Rs 1,11,819.33 crore (as on April 30, 2010).

Reliance Mutual Fund Schemes Type    Number of schemes Equity Funds (Open End)   24 Debt Funds (Open End)   19 Short-term Debt (Open End)   8 Hybrid Funds (Open End)   2 Closed-end Funds   22