HDFC Mutual Fund wins equity mandate of $450 million from unnamed FPI

HDFC Mutual Fund on Monday disclosed that it has won an equity mandate of $450 million from a reputed foreign portfolio investor (FPI), of which one-third got funded recently. However, the management declined to comment on the name of the FPI or the terms and conditions of the mandate, while sharing its half-yearly financials.    

HDFC AMC reported a 19 per cent growth in profit after tax to Rs 4 billion for the half-year ended September. The total assets under management (AUM) as of September 30, 2018, stood at Rs 2.9 trillion, compared to Rs 2.7 trillion as of September 30, 2017.  

With actively managed equity-oriented funds -- equity-oriented total AUM, excluding arbitrage funds and index funds -- at Rs 1.5 trillion, HDFC MF was the largest equity mutual fund manager. The equity-oriented AUM was 20 per cent higher compared to September 30, 2017. 

The operating profit margin, which is the operating profit as a basis point of Average AUM, improved to 34 bps, compared to 33 bps for the half-year ended September 30, 2017.