After PPFAS Asset Management and Reliance Mutual Fund, Religare Invesco Mutual Fund has also declared its sponsor and group holdings in its mutual fund schemes.
Religare Mutual Fund was managing Rs. 13733 crore for the quarter ended December 2013. Out of this, Rs. 143 crore or 1% was invested by its sponsor and group companies.
Earlier this month, Reliance Mutual Fund in a press release said that promoter and group companies had invested Rs. 3,274 crore or 3.2% of total AAUM of Rs 1.02 lakh crore as on December 31, 2013.
Though both Reliance and Religare have disclosed the quantum of promoter and group holdings, the details of schemes in which group companies have invested is not known.
PPFAS Asset Management first disclosed its promoter holdings in its maiden scheme PPFAS Long Term Value Fund. The fund manages Rs. 312 crore out of which Rs. 26.83 crore or 8% is invested by its promoters and key management team. PPFAS has also disclosed the names of the employees who have invested in this scheme.
While industry experts have welcomed this voluntary move from fund houses in declaring their promoter holdings, they feel it should be more elaborative. “It would help if AMCs declare the scheme names in which promoter/group companies have made investments. Companies mostly invest in liquid or ultra-short term funds. Such disclosure is of little relevance to investors. The chances of losing money in liquid funds is less,” said Jayant Pai, Head, Marketing, PPFAS Mutual Fund.