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May 10, 2007 14:34 IST
Anil Dhirubhai Ambani group firm Reliance Mutual Fund cemented its position on Thursday as country's largest fund house with its assets crossing Rs 50,000 crore (Rs 500 billion) level.
Reliance Mutual Fund's assets under management have grown over Rs 50,000 crore, sources said.
The ADAG firm has also been accorded ISO 9001:2000 certificate, making it the second asset management company in the country to get this quality standard, covering all functional areas.
Reliance Mutual Fund, part of Reliance Capital, bagged the ISO 9001:2000 certification, which is valid for its products' design and development, sales and customer support services, a company release said.
The company's asset under management had swelled to Rs 48,828 crore (Rs 488.28 billion) in April, gaining Rs 2,521 crore (Rs 25.21 billion) over Rs 46,307 crore :(Rs 463.07 billion) in March, according to the figures released by Association of Mutual Funds in India.
Combined AUMs of 30 fund houses rose over Rs 24,017 crore (Rs 240.17 billion) during the month to report a total of Rs 3,50,441 crore (Rs 3,504.41 billion) in April this year as against Rs 3,26,425 crore (Rs 3,264.25 billion) in March.
ICICI Prudential maintains the second position with AUMs of Rs 42,268 crore (Rs 422.68 billion) in April.
The latest ISO certification, awarded by Det Norske Veritas, is valid till 2007, the release added.
In March, Reliance Life Insurance Company, associate firm of ADAG's Reliance Capital, also bagged the certification on account of superior management systems in key areas of quality, customer and process orientation.
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