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| Reliance MF open to acquisitions if opportunity comes: CEO |
| Press Trust of India / New Delhi Jun 02, 2009, 14:10 IST |
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Reliance Mutual Fund, the country's largest fund house, today said it is open to acquisitions if some good opportunities come its way.
"We remain open to opportunities if appropriate valuations come up," Reliance MF CEO Sundeep Sikka told PTI.
The Anil Ambani group firm, which is the biggest mutual fund in the country in terms of assets under management, has also become the first fund house to cross an average AUM of Rs 1 lakh crore.
"Consolidation has already started in the industry and going forward, only top 5-7 fund houses would command the major chunk of funds as investors will have confidence in large fund houses," Sikka said.
Reliance MF's average AUM jumped 16 per cent to Rs 1,02,730.15 crore in May, while the second-largest fund house HDFC MF's AUM stood at Rs 75,406.10 crore, followed by ICICI Prudential which clocked Rs 65,549.85 crore.
Asked whether Reliance MF is in discussion with any fund house for a possible acquisition, Sikka said, "We are not in talks with anyone at this time."
The mutual fund industry has witnessed a surge in the assets under management in the past two months and the combined average AUM of 33 fund houses crossed the Rs 6 lakh crore mark in May.
Earlier, UTI MF, which is the fourth-largest fund house in terms of assets, had said it is also not averse to acquisition of a domestic fund house and may actively pursue if some good opportunity comes up.
Further, Sikka said that he aims to reach to every household in the country as the current penetration level of the mutual fund industry was a meager 3 per cent.
Recently, the fund house had launched a new offering of an infrastructure fund which would invest predominantly in companies engaged in infrastructure and related sectors in the country.
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