HDFC Mutual Fund pipped ICICI Prudential Mutual Fund to become the country's largest asset management company after a gap of over two years.
HDFC MF manages assets worth Rs 3.35 lakh crore, while ICICI Prudential MF stood at Rs 3.08 lakh crore as of December, according to data by Association of Mutual Funds in India.
The assets under management of HDFC MF grew over 9 percent in the October-December quarter from the previous three months. ICICI Prudential MF's AUM, however, slipped 0.6 percent during the period.
HDFC MF was the largest asset manager since October 2011 and it held the numero uno position till March 2016, when ICICI Prudential MF had overtaken the top spot. SBI MF is at the third spot with AUM of Rs 2.64 lakh crore, followed by Aditya Birla Sun Life MF (Rs 2.42 lakh crore) and Reliance MF (Rs 2.36 lakh crore).
Overall, asset base of the country's mutual fund industry was at Rs 23.61 lakh crore at the end of December quarter. Several measures taken by market regulator SEBI will help in increasing the penetration of mutual funds in the current year.
MFs are investment vehicles made up of a pool of funds collected from a large number of investors and invest in stocks, bonds and money market instruments, among others.
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