Reliance Mutual Fund becomes number one among private funds

Mumbai, Apr 4 (UNI) Reliance Mutual Fund, a Reliance-Anil Dhirubhai Ambani Group (R-ADAG) bluechip, has become the number one private sector fund in India with its total Assets Under Management (AUM) at Rs 24,669 crores, a growth of over 100 per cent since March, 2005.

Equally noteworthy has been the quantum leap in the size of Reliance MF's equity portfolio, which, as at end FY 06 stood at over Rs.15,010 crore.

In the last one month (Feb-Mar, 2006) itself, Reliance MF's AUM has grown by Rs 7,810 crore, a company release today said.

A major contributor towards this growth was the Reliance Equity Fund-- New Fund Offer (NFO)-- which witnessed a collection of over Rs 5,759 crore. This is the largest NFO collection in the 42-year history of Indian mutual funds.

The number of unique investors across the various schemes of the fund house has also grown rapidly over the last year and was well over a million, even before the extraordinary response to the NFO, stated the release.

The NFO which closed on March 7, 2006, had received an overwhelming response with over 9.29 lakh applications.

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