Prudential ICICI Is First Private MF To Cross Rs 10,000 Cr In AUM

Mumbai, November 27: | Updated: Nov 28 2002, 05:30am hrs
Mutual fund (MF) major Prudential ICICI AMC has become the first private MF player in the country and the second overall in the MF industry to cross the five figure mark in terms of assets under management (AUM). On Tuesday, the AUM of Pru ICICI crossed the Rs 10,000 crore mark.

Speaking to FE, Shailendra Bhandari, managing director, Pru ICIC AMC, said: The milestone achieved comes in the wake of the strong fundamentals of Pru ICICI in terms of its marketing and human resource (HR) practices.

Prudential ICICI AMC has seen net inflows in the last six months owing to the funds in its core division, the Growth Fund. The recently launched Dynamic Plan of Pru ICICI is also among the most successful ventures in the recent past.

The underlying restructuring and productivity gains that have happened post-liberalisation in the domestic scenario are finally yielding healthy returns, Mr Bhandari said. He added: Equities have already begun their onward march and will continue to be on our preference list. We continue to highlight our core competency of investor protection and are looking forward to launch a Sensex Fund by the close of this year, he further added.

On investing in overseas securities, he said: We do have such a plan on the drawing board, but with the rupee appreciating against the greenback, we feel it is not the right time to go ahead with such a plan currently. However, we are looking forward to the launch of our schemes dedicated purely to the foreign markets, by the second half of 2003.