As of December-end, HDFC MF manages assets to the tune of Rs 3.35 trillion, while those of ICICI Prudential MF stood at Rs 3.08 trillion, as per the latest data available with Association of Mutual funds in India (Amfi).
The assets under management (AUM) of HDFC MF have grown over 9 per cent in October-December quarter from the previous three-month period, however, ICICI Prudential MF's AUM slipped by 0.6 per cent during the period under review.
On a month-on-month basis, ICICI Prudential MF had surpassed HDFC MF in terms of AUM in February 2016 and had reached the top position.
SBI MF is at the third slot with AUM of Rs 2.64 trillion, followed by Aditya Birla Sun Life MF (Rs 2.42 trillion) and Reliance MF (Rs 2.36 trillion).
Overall, the asset base of the country's mutual fund industry was at Rs 23.61 trillion at the end of December quarter.
In 2019, the fund houses expect the industry to witness robust growth as the sector is yet to tap its full potential. Besides, several measures taken by the regulator Sebi will help in increasing the penetration of mutual funds.
MFs are investment vehicles made up of a pool of funds collected from a large number of investors and invest in stocks, bonds and money market instruments, among others.