UTI Mutual Fund is 2nd biggest in India

MUMBAI: UTI Mutual Fund has regained its position as the second biggest mutual fund house in India, ten months after it had lost the slot to ICICI Prudential MF.

The change in the league table for the assets under management (AUM) came just days ahead of UTIMF’s filing of a draft prospectus for its initial public offer (IPO). With an AUM of Rs 56,854 crore, UTIMF is behind Reliance MF, which has an AUM of Rs 80,780 crore.

The third in the league table is I-Pru MF, whose December-end AUM was Rs 56,772 crore. Industry officials and fund watchers say one of the main factors behind UTIMF’s march ahead in the AUM race is the organisational overhaul that U K Sinha, the current head of the fund house had taken up after he assumed charge in 2005.

But the slew of initiatives that it undertook to change its structure and business, has started giving results, they said.