Reliance Mutual Fund crosses Rs. 50,000 crore mark
surojit.c@in.ibtimes.com
Anil Dhirubhai Ambani group (ADAG) firm Reliance Mutual Fund has consolidated its position as India's largest mutual fund house with its assets crossing Rs. 50,000 crore level, May 10.
Reliance Mutual Fund's assets under management have grown over Rs. 50,000 crore, sources said.
The ADAG firm has also been accorded ISO 9001:2000 certificate, making it the second asset management company in the country to get this quality standard, covering all functional areas.
Reliance Mutual Fund, part of Reliance Capital, bagged the ISO 9001:2000 certification, which is valid for its products' design and development, sales and customer support services, a company release said.
The company's assets under management (AUMs) had swelled to Rs. 48,828 crore in April, gaining Rs. 2,521 crore over Rs. 46,307 crore in March, according to the figures released by Association of Mutual Funds in India (AMFI).
Combined AUMs of 30 fund houses rose over Rs. 24,017 crore during the month to report a total of Rs. 3,50,441 crore in April this year as against Rs. 3,26,425 crore in March.
ICICI Prudential maintains the second position with AUMs of Rs. 42,268 crore in April.
The latest ISO certification, awarded by Det Norske Veritas (DNV), is valid till 2007, the release added.
In March, Reliance Life Insurance Company (RLIC), associate firm of ADAG's Reliance Capital, also bagged the certification on account of superior management systems in key areas of quality, customer and process orientation.
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