Thursday July 31, 11:32 AM
FACTBOX - India's top 10 mutual fund firms |
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MUMBAI (Reuters) - Following is a list of India's top 10 asset management firms by average assets at end June:
-- No. 1 fund firm Reliance Capital Asset Management (www.reliancemutual.com), a unit of billionaire Anil Ambani's Reliance Capital Ltd, managed 908.13 billion rupees ($21.37 billion) in June, more than 1.5 times than amount managed by its nearest rival.
In December, the firm said Eton Park had agreed to pay 5 billion rupees to buy a 5 percent stake, valuing the firm at 13 percent of its assets then.
-- British financial services firm Prudential Plc has a 49 percent stake in ICICI Prudential Asset Management (www.icicipruamc.com), with India's top private-sector lender ICICI Bank holding the rest.
The fund house managed 594.74 billion rupees in June.
-- Britain's Standard Life Investments holds a 40 percent stake in HDFC Asset Management (www.hdfcfund.com), with HDFC Bank Ltd, India's second biggest private-sector lender, the majority partner. The firm managed 527.11 billion rupees in June.
-- Government-run lenders State Bank of India, Punjab National Bank and Bank of Baroda, and state-owned Life Insurance Corp each own 25 percent in UTI Asset Management (www.utimf.com), India's oldest mutual fund firm.
The fund house, which has scrapped a planned public offer, managed 507.71 billion rupees in June.
-- Birla Sun Life Asset Management (www.birlasunlife.com), which managed 410.75 billion rupees in June, is an equal joint venture between India's Aditya Birla Group and Canadian insurer Sun Life Financial.
-- French bank Societe Generale holds a 37 percent stake in SBI Funds Management (www.sbimf.com), with State Bank of India, India's largest bank, holding a majority stake. The fund house managed 301.32 billion rupees in June.
-- Franklin Resources Inc owns India's sixth-largest fund firm, Franklin Templeton Asset Management (www.franklintempletonindia.com), which managed 247.42 billion rupees in June.
-- India's Tata Group owns Tata Asset Management (www.tatamutualfund.com), which held assets worth 238.53 billion rupees in June. In March, the firm formed a venture with Britain's New Star Asset Management to manage New Star's India-dedicated funds.
-- Kotak Mahindra Bank Ltd owns Kotak Mahindra Asset Management (www.kotakmutual.com). The fund house, which has an alliance with T. Rowe Price to launch global funds, managed 211.83 billion rupees in June.
-- DSP Merrill Lynch Ltd, a unit of investment bank Merrill Lynch, holds a 40 percent stake in DSP Merrill Lynch Fund Managers (www.dspmlmutualfund.com), which controlled about 205.40 billion rupees in June.
The remaining 60 percent is held by Hemendra Kothari, chairman of DSP Merrill Lynch, and two other firms.
In January, BlackRock Inc, the largest publicly traded U.S. asset manager, said it would buy Merrill's 40 percent stake in the Indian asset manager. The deal is awaiting regulatory approval.
(To see a graphic of the industry's robust growth, click on:
https://customers.reuters.com/d/graphics/indiafunds.gif)
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