Reliance Mutual Fund has launched a pharma fund in India -- its third sector specific fund after banking and power -- and expects to raise over Rs 200 crore.
"We remain open to opportunities if appropriate valuations come up," said Reliance MF CEO Sundeep Sikka. Reliance MF, which is India's biggest mutual fund in terms of assets under management, has also become the first fund house to cross an average AUM of Rs 1 lakh crore. "Consolidation has already started in the industry and, going forward, only top 5-7 fund houses would command the major chunk of funds as investors will have confidence in large fund houses," Sikka said.
Reliance MF, the country's largest fund house, has witnessed an increase of about 13 per cent with the average AUM crossing the Rs 1,00,000 crore mark in May as compared to Rs 88,387.98 crore at the end of April. In May 2008, it had crossed the Rs 100,000 crore mark, but in terms of total assets under management. This time, the level has been crossed in the average monthly AUM, which is taken into consideration in the data released by the Association of Mutual Funds of India.
Reliance Mutual Fund has toppled UTI MF to become the country's largest fund house in January with assets under management of more than Rs 39,000 crore (Rs 390 billion).
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Reliance Mutual Fund has collected Rs 1,773.5 crore through the Initial Public Offering for its Equity Opportunities Fund.
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The new fund, which is different from gold exchange traded funds that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs 100 per month, the company said in Mumbai.
Rediff.com caught up with Reliance Capital Asset Managment CEO Sundeep Sikka, to discuss the success of Reliance Mutual Fund.
Close to 21.5 per cent of this will be sold to Japan's Nippon Life, which will then become the sole promoter of the fund house.
New fund offer, called Reliance Fixed Horizon Fund - XX, is a close-ended income scheme and the units can be purchased only during the period of NFO.
The domestic mutual funds such as Reliance Mutual Fund and Tata Asset Management Company are in advanced talks with global fund houses and investment advisors, in an attempt to offer global investment products to their Indian investors.
India's 32 mutual fund houses saw an erosion of over Rs 32,200 crore (Rs 322 billion) in their total asset under management last month, with a weak stock market robbing off some shine from their over Rs 5 trillion portfolio.
HDFC MF witnessed 17% rise in investment in its schemes to Rs 6,462 crore by group companies during May.
Among individual fund houses, SBI MF was the biggest gainer in absolute terms; its AAUM rose Rs 66,090 crore, compared to its asset base in the corresponding period of FY18, reports Jash Kriplani.
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Investment are made in Fixed Maturity Plans and other debt schemes.
Mutual fund houses hold Rs 3,400 crore of Yes Bank's 'riskier' bonds. Reliance MF, Franklin Templeton MF and UTI MF account for bulk of these exposures.
UTI, HDFC, Reliance MF and SBI MF already source 17-25% of funds from small towns.
This is the first time Reliance MF has crossed Rs 1,000 crore mark in its ETF in a single day.
The company will provide loans up to Rs 1 crore (Rs 10 million) under this programme, for which it has entered into an exclusive tie-up with another group firm, Reliance Mutual Fund.
For the financial year 2011, profit after tax of Reliance MF stood at Rs 261 crore (Rs 2.61 billion), while that of HDFC MF was Rs 242 crore (Rs 2.42 billion).
The number of fund houses are increasing each year in the fast growing Indian economy but when it comes about the size, the top five players control over half of the country's mutual fund business.
The mutual fund industry saw a sharp decline in its average assets in June -- with over 36 per cent plunge for some companies -- as investors withdrawal offset gains from an upward move in the equity market.
The mutual fund industry's average assets under management grew by Rs 86,355.19 crore (Rs 863.55 billion), or 15.66 per cent, and analysts said the increased inflows into fund houses show that investors are regaining confidence in equity schemes. The combined average AUM of the 35 fund houses in the country increased to Rs 6,37,609.41 crore (Rs 6,376.09 billion) in May compared to Rs 5,51,25,422 crore (Rs 5,51,25,4.22 billion) in April.
India's mutual fund industry, led by market leaders Reliance Mutual Fund, ICICI Prudential and UTI MF, has witnessed a fall of over Rs 58,000 crore (Rs 580 billion) in its assets during March.Despite the fall, Reliance MF continued to be the most valued fund house in the country with Assets Under Management (AUM) of Rs 90,937.94 crore (Rs 909.37 billion) at the end of March.
State-run UTI Mutual fund has toppled private sector ICICI Prudential to be the country's second biggest fund house, while Anil Ambani Group's Reliance MF has retained its top position.
Continued volatility in Indian stock markets over the US subprime mortgage crisis all through August has led to a fall in assets of mutual funds in the country by over Rs 185 billion during the month.
Anil Dhirubhai Ambani group firm Reliance Mutual Fund retains its position as the country's largest fund house having assets of over Rs 48,000 crore (Rs 480 billion).
The combined assets under management of the 32 fund houses in the country fell to Rs 5,49,114.82 crore (Rs 5,491.14 billion) in January, against Rs 5,49,942.02 crore (Rs 5,499.42 billion) at the end of December, 2007, latest data available on the website of Association of Mutual Funds in India show.
Three closed-ended equity schemes have been launched in the past month or so and another is set to open soon for subscription.
Most large fund houses, such as HDFC MF, ICICI Prudential AMC, Reliance MF, Reliance MF, Birla SunLife MF and SBI MF, have the backing of large banks or financial institutions, giving them reach and understanding, they say.
Mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.
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The country's 44 fund houses together had an average AUM of Rs 9.85 lakh crore during April-June quarter of 2014-15, up from Rs 9.05 lakh crore (Rs 9.05 trillion) in the preceding three months, according to the latest data available with Association of Mutual Funds in India.
'The good news is that till the time there is growth in gross domestic product, Indian markets will continue to rise.'
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