HDFC Mutual Fund, partly owned by Standard Life of UK, has become the biggest in the country for the first time since inception in 1999, as Reliance Mutual Fund loses its 5-year pole position due to investor withdrawals in a sliding market.
The fund, led by Milind Barve, managed to change the pecking order since it has weathered the storm better than most as its strong retail base and conservative approach prevented knee-jerk reaction from unit-holders during the times of crisis.
Reliance Mutual Fund's asset under management was Rs 90,660 crore in September, compared with HDFC Mutual's Rs 91,827 crore. Reliance's base shrunk over 11% in September quarter. In contrast, HDFC's fell 0.2%.
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