LATEST NEWS IN MUTUAL FUNDS

Reliance Mutual Fund regains the No.1 Position (Apr 4, 2007)


Reliance Mutual funds Assets under management as of 31 March, 2007 was at Rs 46,307 crore, while Prudential ICICI was on second position with a holding of Rs 37,870 crore under its belt. The fresh Issues of FMP, by Reliance AMC has been an added factor for taking the fund house to the number one position, as they have collected around Rs 4,000 crore, from fresh FMP issue.

Pru ICICI Mutual Fund Re-name to ICICI Prudential Mutual Fund (Apr 4, 2007)


Prudential ICICI Mutual Fund has been renamed to ICICI Prudential Mutual Fund with effect from April 2, 2007. The move reflects the change in shareholding pattern of ICICI Bank and Prudential Plc. A similar change has also been made to the names of the fund houses schemes. In March 1998 UK based Prudential Plc had acquired a 55% stake in the erstwhile ICICI Asset Management Company Ltd subsequent, it was re-named as Prudential ICICI Asset Management Company Limited. The ICICI Group continued to hold the remaining 45%. However, with effect from August 2005, 6% of Prudential Plc holding in the AMC was transferred to ICICI Bank Ltd. Consequently, the latter became the dominant partner with a 51% stake and this change is now being reflected in the AMC name.