Indian Mutual Funds bag 22 performance awards, Reliance leads the show

Indian mutual funds are roaring high and performing better than ever in the development story of Indian economy. Indian mutual funds bagged twenty performance awards across various categories in the Gulf region. Reliance Mutual Fund has bagged the highest number of awards and led the show.

Reliance Banking Fund Growth Plan bagged the best fund award for three-year return in the equity banking segment, while Reliance Growth Fund bagged best equity funds in three-year as well as five-year return categories.

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Big mutual funds getting bigger part of investment

According to the analysts, UTI, Reliance, Prudential ICICI, HDFC and Franklin Templeton are top five big mutual funds and a household names in India. These five funds houses accounted for 47.9% of the total AUM of Rs 2.18 lakh crore in February 2006, they continued to account for approximately the same proportion in February 2007.

The total assets being managed by the mutual funds industry in India has risen by 63.1% in the last one year. But, the assets under management (AUM) are still concentrated with the big boys of the industry.

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Big mutual funds are just getting bigger

According to the analysts, UTI, Reliance, Prudential ICICI, HDFC and Franklin Templeton are top five big mutual funds and a household names in India. These five funds houses accounted for 47.9% of the total AUM of Rs 2.18 lakh crore in February 2006, they continued to account for approximately the same proportion in February 2007.

The total assets being managed by the mutual funds industry in India has risen by 63.1% in the last one year. But, the assets under management (AUM) are still concentrated with the big boys of the industry.

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HSBC mutual launches a close-end income plan

HSBC Asset Management (India) Pvt Ltd has launched a close-end income scheme with a tenor of 370 days. HSBC Fixed Term Series 27, which will invest in debt and money market instruments, would be available for subscription till March 23, it said in a statement.

The scheme will not charge any entry load but levy an exit load of 2 per cent for redemptions before maturity, it added.

The fund house managed assets worth about Rs 120 billion at the end of February, data from Association of Mutual Funds in India showed.

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