Reliance pips HDFC MF as most profitable fund house

Reliance Mutual Fund has surpassed HDFC Mutual Fund to become the country's most profitable fund house, as per their profit figures for the latest financial year.

For the financial year 2011-12, profit after tax (PAT) of Reliance MF stood at Rs 261 crore, while that of HDFC MF was Rs 242 crore.

On year-on-year basis, Reliance Asset Management company's PAT rose by nearly 34% in 2011 fiscal, whereas HDFC MF's profit increased by 16.34%, according to the Association of Mutual Funds in India's data.

While UTI MF's figures were not available for the latest fiscal, Franklin Templeton is currently ranked the third most profitable with a PAT of Rs 97 crore (for fiscal ended September 2010).

Most of fund houses follow April-March financial year.

Others in the top 10 include Birla Sun Life AMC with a PAT of Rs 85 crore, followed by SBI AMC (Rs 79 crore), ICICI Prudential AMC (Rs 72 crore), DSP AMC (Rs 47 crore), Tata AMC (Rs 17 crore) and Kotak AMC (Rs 11 crore).