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Indian mutual funds have bagged as many as 22 awards for best performance across various categories in the Gulf region, with Anil Ambani Group entity Reliance MF stealing the show with highest number of accolades.
Franklin Templeton was also named as the overall best fund house by globally acclaimed fund tracking firm Lipper Inc among all the mutual fund companies doing business in Gulf region, while HDFC was selected as best company in the mixed-assets categories in terms of three-year returns.
Reliance MFs have bagged best fund awards in six categories, while the country's largest fund house ICICI Prudential managed to get just one award. Franklin Templeton grabbed the second slot among Indian funds with five awards, followed by HDFC and UTI with three each and DSP Merrill Lynch and Birla Sunlife MF getting two awards each.
The awards were presented at Lipper Fund Award Gulf 2007 ceremony in Dubai late on Monday night, criterion for which was to recognise best performing funds registered for sale in the Gulf States.
Reliance MF said in a statement that it has bagged awards across six sectors for their consistent and outstanding performance across three and five year time periods.
Reliance Banking Fund Growth Plan bagged the best fund award for three-year return in the equity banking segment, while Reliance Growth Fund was named as best equity funds in three-year as well as five-year return categories.
Besides, Reliance Income Fund Growth Plan was selected as best fund for five-year returns in the Bond Indian Rupee category and Reliance Gilt Securities Fund was awarded as best three-year return fund in the Bond India Rupee-Government segment.
Reliance Short Term Fund-Growth Plan was named best three-year return fund in the Bond India Rupee segment.
Reliance MF schemes have been recognised as best performers for the second time, the company said, after Reliance Growth and Reliance Vision were ranked as top two funds globally in November 2006 based on their five year performance track record.
Lipper tracks performance of more than 130,000 funds across 45 countries, with assets in excess of $10 trillion.
Reliance MF is present in over 80 cities across the country with an investor base in excess of 3.2 million and its schemes are managed by Reliance Capital Asset Management Ltd, a wholly owned subsidiary of Reliance Capital Limited.
Reliance MF had emerged as the country's largest fund house in terms of asset under management in January, while it has remained biggest house in terms of average AUM for the past two months.
However, ICICI Pru had replaced Reliance MF as the largest fund house in terms of standalone asset under management last month.| © Copyright 2007 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent. |
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