HDFC Mutual Fund has pipped rpt pipped ICICI Prudential MF to become the country's largest asset management company after a gap of over two years.
As of December-end, HDFC MF manages assets to the tune of Rs 3.35 lakh crore, while those of ICICI Prudential MF stood at Rs 3.08 lakh crore, as per the latest data available with Association of Mutual funds in India (Amfi).
The assets under management (AUM) of HDFC MF have grown over 9 per cent in October-December quarter from the previous three-month period, however, ICICI Prudential MF's AUM slipped by 0.6 per cent during the period under review.
HDFC MF was the largest asset manager since October 2011 and it held the numero uno position till March 2016, when ICICI prudential MF had overtaken the top spot.
SBI MF is at the third slot with AUM of Rs 2.64 lakh crore, followed by Aditya Birla Sun Life MF (Rs 2.42 lakh crore) and Reliance MF (Rs 2.36 lakh crore).
Overall, asset base of the country's mutual fund industry was at Rs 23.61 lakh crore at the end of December quarter.
In 2019, the fund houses expect the industry to witness robust growth as the sector is yet to tap its full potential. Besides, several measures taken by the regulator Sebi will help in increasing the penetration of mutual funds.