ADAG companies invested Rs 3,274 cr in Reliance MF

Reliance MF takes the initiative to voluntary disclose group companies' investment in its schemes

ADAG companies have invested Rs 3,274 crore in the schemes of Reliance Mutual Fund. This accounts for 3.2% of the total average asset under management (AAUM) of Reliance MF.

 

In a statement, the fund house said in addition to the disclosure of total AUM, it will also be providing total investments made by group companies in its mutual fund.

 

With this initiative, Reliance has become the first AMC to make such separate disclosures in public domain.

 

As on December 31, 2013, the AAUM of Reliance MF stood at Rs 1.02 lakh crore.

 

"Disclosing the details of total investment by group companies in the AAUM will help investors get a better view of the fund house and enable greater transparency. We hope the other players in the industry will also make this voluntary disclosure in the larger interest of the investors," said Sundeep Sikka, chief executive officer of Reliance Mutual Fund. 

 

Sikka is also the chairman of industry body Association of Mutual Funds in India (Amfi).