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UTI-II is the biggest player in sector with 25% of assets

B G Shirsat in Mumbai

The Unit Trust of India-II, with an asset base of Rs 19,375 crore (Rs 193.75 billion) tops the mutual fund ranking with a share over 25 per cent of the sector's assets as on July 31, 2002.

Prudential ICICI Asset Management Company stands a distant second with an asset base of Rs 8,062 crore (Rs 80.62 billion).

HDFC Asset Management Company is third with assets of Rs 5,254 crore (Rs 52.54 billion), while the fourth position will be occupied by Birla Sun Life Asset Management Company with assets of Rs 4,447 crore (Rs 44.47 billion), followed by Templeton Asset Management Company at fifth with assets of Rs 4,032 crore (Rs 40.32 billion).

The market share of UTI-II will be more than the combined market share of the top three private sector mutual funds, Prudential ICICI, Birla Sun Life and Templeton. These top three private funds combined have market share of 23.38 per cent.

After the split of the Unit Trust Of India (UTI) into UTI-I and UTI-II, the assets under management of all net assets value-based mutual funds will come down to Rs 75,981 crore (Rs 759.81 billion) from the current Rs 1,02,393 crore (Rs 1,023.93 billion).

Data available with Business Standard Research Bureau up to July 31, 2002, show that UTI-I, comprising the flagship Unit Scheme 64 or US-64 and 21 other assured return schemes will have an asset base of Rs 26,412 crore (Rs 264.12 billion).

Only the Prudential ICICI will have a market share of over ten per cent at 10.61 per cent.

The other four, HDFC (6.91 per cent), Birla Sun Life (5.85 per cent), Templeton (5.31 per cent) and Standard Chartered (5.18 per cent) control just above 5 per cent of the total assets of the Indian mutual funds industry.

Data on the 37 NAV-based schemes of UTI-II show that the total corpus of these schemes stood at Rs 12,105 crore (Rs 121.05 billion) as on July 31. The portfolio comprises 52.8 per cent equity holdings, 43.10 per cent debt holdings and 4.32 per cent other assets.

The ULIP-71 will be the biggest scheme in UTI-II with an asset base of Rs 3,711 crore (Rs 37.11 billion). As much as 55.82 per cent of its corpus is in debt, while 42.58 per cent is in equity.

UTI-II's Bond Fund with a corpus of Rs 1,421 crore (Rs 14.21 billion) will be its the second largest, and has 90.77 per cent of its assets in debt instruments.

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