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Funds Shed Rs 3,704 Cr in March

Only eight of the 29 fund houses register a positive growth. Franklin Templeton replaced Prudential ICICI Mutual Fund as the second biggest AMC. UTI MF continues to dominate

The Indian mutual fund industry bid farewell to FY 2004-05 on a low note in the wake of lacklustre equity and debt markets. During the month ending March 2005, mutual funds lost 2.43 per cent (Rs 3,704 crore) of their assets. Only eight of the 29 fund houses were able to register a positive growth.

The Richest Five
UTI Mutual Fund continues to occupy the top spot with an asset base of Rs 20,739.58 crore.

Franklin Templeton has managed to get its second place back for the month of March. The fund house manages Rs 15,353.61 crore of assets.

Prudential ICICI Mutual Fund dropped to the third spot as a result of its assets falling to Rs 15,189.18 crore as against previous month's Rs 16,214.34 crore.

HDFC Mutual Fund follows closely with assets worth Rs 15,009.83 crore.

Birla Sun Life Mutual Fund retains its fifth place with assets worth Rs 10,377.96 crore.

Top-Five Gainers
1. Reliance Capital Mutual Fund heads the list. The fund house added Rs 1040.80 crore, as a result of the successful IPO of Reliance Equity Opportunities Fund. Only five fund houses have assets in excess of Rs 10,000 crore and Reliance has come quite close to joining this elite group, with its assets crossing Rs 9,500 crore mark.

2. JM Financial Mutual Fund asset base swelled by Rs 923.68 crore, an impressive 29.44 per cent increase. The fund house managed such significant gains on the back of a collection in excess of Rs 800 crore by the JM Equity and Derivative Fund.

3. HDFC Mutual Fund added Rs 435.18 crore.

4. Principal Mutual Fund's assets jumped by Rs 411.01 crore.

5. Franklin Templeton Mutual Fund added Rs 337.71 crore.

Top-Five Losers
Standard Chartered Mutual Fund shed assets worth Rs 1,835.59 crore to become the top loser for the month.

Prudential ICICI saw its assets decline by Rs 1,025.15 crore.

HSBC Mutual Fund's corpus declined by Rs 888.12 crore.

DSP Merrill Lynch lost Rs 665.04 crore.

Tata Mutual Fund too saw its assets decline by Rs 581.43 crore.