HDFC mutual fund has regained its number 1 spot in the Indian mutual fund industry by snipping ahead of ICICI Prudential Mutual Fund. For the quarter ending December 2018, HDFC AMCs average assets under management stood at Rs 3.35 lakh crore, ahead of ICICI Prudential Mutual Rs 3.08 lakh crore. Over the last one year, HDFC MFs assets under management have grown 16% from Rs 2.89 lakh crore.
HDFC Mutual Fund has been one of the biggest beneficiaries in the fixed income space post the IL&FS downgrade. Corporate investors, preferred to stay with strong brands and rushed to safety with money moving out from some of the smaller fund houses in favour of HDFC MF. Due to this HDFC MF gained a lot of assets in debt fund categories like liquid, overnight and credit risk space.
“Post the IL&FS crisis, HDFC took a lead on the AUM charts and now is the biggest fixed income manager. Investors trusted them for their brand and they have stood the test of time, “says Dhirendra Kumar, Founder, Value Research, a mutual fund tracking agency. HDFC Mutual Fund was the largest asset manager since October 2011, when it had raced past Reliance Mutual Fund. It enjoyed that position till March 2016, when ICICI prudential AMC moved ahead of them.