The fund house has dislodged HDFC MF from the top spot. HDFC MF has seen its asset base shrink from Rs 3.83 trillion in the previous quarter to Rs 3.7 trillion in the March quarter.
“Process-driven fund management, flows from Employee Provident Fund Organisation, and wide distribution network has helped fund house reach top spot," said Kaustubh Belapurkar, director (fund research), Morningstar India. Among other leading fund houses, ICICI MF saw its asset size shrink from Rs 3.62 trillion to Rs 3.51 trillion in March quarter, slipping from second to third spot.
Both HDFC MF and ICICI MF, saw dips of over 3 per cent in their respective asset base. Aditya Birla Sun Life MF maintained its fourth spot, with average assets declining marginally from Rs 2.5 trillion to Rs 2.48 trillion in March quarter. Nippon India MF also saw marginal growth, while keeping its fifth spot.
The overall growth for industry assets couldn’t be ascertained, with data of several other fund houses yet to be included in the data set published by Association of Mutual Funds in India, at the time of going to press.Jash Kriplani