With strong growth of about 22 per cent in its asset base, ICICI Prudential Mutual Fund has joined the Rs 1 lakh crore club while HDFC MF has retained its top slot with a slender margin of about Rs 6,000 crore.
The total asset base of the entire mutual fund industry grew by over Rs 40,000 crore during the last fiscal to about Rs 8.6 lakh crore at the end of the financial year 2013-14, shows the latest data complied by AMFI (Association of Mutual Funds in India). HDFC MF has retained its top position with average AUM (Asset Under Management) of Rs 1.13 lakh crore, while ICICI Pru MF saw its asset base grow by industry-best rate of 22 per cent to over Rs 1 lakh crore for the first time ever.
ICICI Pru's average AUM stood at Rs 1.07 lakh crore in the last quarter of 2013-14, as against about Rs 87,000 crore a year ago. Birla Sunlife also recorded a strong growth of over 15 per cent in its asset base.
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