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Reliance Nippon Life Asset Management (RNAM) on Monday said its profit after tax (PAT) rose 27 per cent to Rs 103 crore for first quarter ended June 30. The company's revenues stood at Rs 378 crore in April- June quarter of the ongoing fiscal, registering a growth of 23 per cent from the year-ago period. Reliance Nippon Life Asset Management is the asset manager of Reliance Mutual Fund, which is the third largest player in 42-member strong mutual fund industry. It has a market share of 11.42 per cent. "The company continues to strengthen its position by reaching out to the masses and by growing even in B15 cities.
Our focus will be to create wealth for investors and long term profitable growth for the company," RNAM CEO Sundeep Sikka said in a statement. RNAM's assets under management (AUM) grew 24 per cent from the year-ago level to Rs 3,62,550 crore as on June 30, 2017, across mutual funds, pension funds, managed accounts and offshore funds. The company's mutual fund assets base climbed 34 per cent to about Rs 2.23 lakh crore during the quarter under review. Its monthly average AUM outside the top-15 cities was at Rs 46,451 crore. At the end of June quarter, the company has 6.27 lakh investor folios. Last month, Anil Ambani-led Reliance Group announced plans to come out with an initial public offering during this fiscal for its mutual fund arm. RNAM is a subsidiary of Reliance Capital with Nippon Life Insurance Company as its strategic partner. Reliance Capital holds 51 per cent stake in RNAM.