Reliance mutual fund has become the India’s most profitable mutual fund as per the latest profit figures for the financial year. It has overtaken HDFC mutual fund to be at this position. For FY 11 the reliance Mutual fund has posted a profit after tax (PAT) of rupees 261 Crore where as HDFC mutual fund posted rupees 242 Crore for the same period.
As per the data released by Association of Mutual Funds in India (AMFI) Reliance Asset Management PAT has rose by about 34 per cent in FY 2011 on year on year basis where as HDFC Mutual Fund’s profit has increased by 16.34 percent. The latest fiscal figures for UTI mutual fund were not available. Franklin Templeton posted a PAT of rupees 97 crore for fiscal year ended Sept 2010 while most of the companies follows April to March financial year.Others Mutual fund among the top ten were Birla Sun Life AMC reporting a PAT of Rs 85 Cr followed by SBI AMC (Rs 79 Cr), ICICI Prudential AMC (PAT RS 72 Cr), DSP AMC (PAT 47 Cr), Tata AMC (PAT 17 Cr) and Kotak AMC (PAT Rs 11 Cr).
In the Annual General Meeting (AGM) of Reliance Capital held on September 27, Anil Ambani said that they are in the final stage of stake sale to Nippon of their asset management business. The company is also looking for further expansion and take forward its asset management business to emerging markets.
“Bell the bull says: Although the Reliance Mutual fund has become the most profitable mutual fund but HDFC MF has become the largest Fund house.”