HDFC MF pips ICICI Prudential to become India's top asset manager

HDFC MF clocked a net profit of Rs 722 crore in 2017-18, 31 per cent higher than the Rs 550 crore clocked in the last fiscal year

HDFC Mutual Fund has overtaken ICICI Prudential MF to become the country’s largest asset manager, after trailing the latter for more than two years. 

HDFC MF’s average of assets under management (AUM) stood at Rs 3.35 trillion for the quarter ended December, a rise of 9.3 per cent over the previous three-month period. Those of ICICI Prudential MF, on the other hand, slipped nearly one per cent to Rs 3.08 trillion, shows data from the Association of Mutual Funds in India.  ICICI Pru had overtaken HDFC MF — which had occupied the top slot since October 2011 — in the quarter