SBI ETF Nifty 50, an exchange traded fund, has nudged past HDFC Equity to become the largest equity scheme in the country, a position the latter had held for more than three years.
SBI ETF Nifty has assets worth Rs 19,377 crore compared with Rs 19,093 crore managed by HDFC Equity, data from Value Research shows.
Managed by India's highest-paid fund manager Prashant Jain, HDFC Equity has been around for more than 22 years and has consistently featured among the top five largest equity schemes in the past decade. SBI ETF Nifty 50, on the other hand, was launched less than two years ago, making it perhaps the fastest growing equity fund in the history of the Indian fund industry.
