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The ICICI Prudential Mutual Fund has achieved a new milestone, exceeding Rs 10 trillion in AUM (Assets Under Management) across its mutual fund schemes. It became the second Indian AMC (Asset Management Company) to do so after SBI Mutual Fund.
The fund house became India's second largest AMC during the September quarter, when its AUM grew the quickest among the top 5 fund houses. ICICI Prudential MF's AUM increased by 7.5% from the previous quarter.
The fund company is a partnership between ICICI Bank & Prudential PLC. It has been one of the largest asset managers in India’s mutual fund industry for a very long time. Over the past five years, the average quarterly AUM of this Mutual Fund has risen at a 22.8% CAGR (Compounded Annual Growth Rate), which is at par with the industry's growth rate. The first AMC to cross the Rs 10 trillion AUM milestone was SBI Mutual Fund, which achieved this mark in June 2024.
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Rising Investor Confidence Driving Recorded AUM
Dhirendra Kumar, chief executive officer of Value Research, remarked that the growing asset size of the fund houses represents increasing investor confidence in the fund. He said, "Achieving the goal of Rs 10 trillion AUM is not just about increasing fund size, it is about rising trust of the investors in the fund. This number indicates that ordinary people in India are finally seeing mutual fund investments as the smartest way to build their future and not as a gamble".
Tata Mutual Fund Making Way Into the Top 10 Amid Industry Expansion
The September quarter was not only a turning point for the ICICI Prudential Mutual Fund, but it also marked the entry of Tata Mutual Fund into the top 10 fund house chart. The asset manager made its way to the list with a reported average AUM of Rs 2.2 trillion in the previous quarter, 10.6% up as compared to the quarter ended March.
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