ICICI Prudential AMC crosses Rs. 1 lakh crore AUM

ICICI Prudential Mutual Fund has become the third fund houses to cross Rs. 1 lakh crore assets under management mark in January 2013, the position once solely occupied by HDFC Mutual Fund.

Recently, Reliance Mutual Fund also crossed Rs. 1 lakh crore AAUM in December quarter.

ICICI Prudential Mutual Fund is currently managing Rs. 1.07 lakh crore. As on December quarter, out of the total Rs. 97,191 crore AAUM, ICICI Prudential managed equity assets of Rs. 19,965 crore. 

“We have achieved it due to inflows in existing and new schemes. We have received inflows in both equity and debt funds across all categories,” said Raghav Iyengar, EVP & Head – Retail & Institutional Business, ICICI Prudential Mutual Fund.

Distributors say that the fund house is attracting investors on the back of its strong equity fund performance. “ICICI Prudential’s equity funds are performing well. Usually if equity funds are doing well the fixed income business also picks up. Performance of equity funds matters more than fixed income funds because the return differential in equity category tends to be more,” said Vinod Jain of Jain Investments.

The recent turnaround in performance is helping the fund house gain market share from its competitors. “The performance of its equity funds has improved in the last few years. The performance has in fact improved across all categories of schemes. This has helped it gain investors confidence,” said Mukesh Dedhia of Ghalla Bhansali Securities.