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Pru ICICI Becomes 2nd Richest AMC

Prudential ICICI Mutual Fund has replaced Templeton India Mutual Fund to become the second richest asset management company (AMC) of India

Prudential ICICI Mutual Fund has replaced Templeton India Mutual Fund to become the second richest asset management company (AMC) of India.

The fund house added a whopping 18.33 per cent to its November 2004 assets of Rs 14461.36 crore. At December end, Pru ICICI had Rs 17111.81 crore of assets under management and 11.47 per cent share of the Rs 149132.39 crore Indian mutual fund industry.

A closer look into the AMC's assets revealed that bulk of the money comes from the liquid funds. The 28 cash funds of Pru ICICI contribute as much as 12931.09 crore or 75.57 per cent to the AMC's assets. Interestingly, the fund house has the second highest number of cash funds in its kitty. Tata TD Mutual Fund has 33 cash funds.

The nine equity funds of the AMC account for only 9.58 per cent, while five hybrid funds 4.17 per cent of the assets. At December end, bond fund's contribution to the AUM was Rs 1,828 crore. Pru ICICI has seven bond funds.

Coming back to other AMCs, UTI Mutual Fund continues to occupy the top position with assets of over Rs 20,976 crore. The AMC's assets increased by 2.30 per cent in December 2004 and has 14.07 per cent market share. However, over the last 12 months, the fund's assets have fell by 2.16 per cent.

Franklin Templeton, which had assets worth Rs 16372.99 crore in November 2004, lost 4.54 per cent in December and slipped to the third position with a market share of 10.48 per cent.

Overall, the top five AMCs were in control of 49 per cent of the assets of the Indian mutual fund industry at the end of December 2004.

Top-Ten AMCs
AMCs  Dec-04 AUM (Rs Cr)  1-month Asset Growth (%)  Market Share (%)      
UTI Mutual Fund 20976.46 2.30 14.07   
Prudential ICICI Mutual Fund 17111.81 18.33 11.47   
Franklin Templeton Mutual Fund 15630.36 -4.54 10.48   
HDFC Mutual Fund 14262.17 -0.49 9.56   
Reliance Capital Mutual Fund 9048.50 -2.63 6.07   
Birla Sunlife Mutual Fund 8926.75 1.89 5.99   
Standard Chartered Mutual Fund 7838.59 -14.52 5.26   
HSBC Mutual Fund 7279.91 1.19 4.88   
DSP Merrill Lynch Mutual Fund 6156.68 -1.36 4.13   
Tata TD Mutual Fund 6014.77 -0.47 4.03