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Reliance MF open to acquisitions if opportunity comes: CEO

business Updated: Jun 02, 2009 19:15 IST

PTI
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The country's largest fund house, Reliance Mutual Fund, on Tuesday said it is open to acquisitions if some good opportunities come its way.

"We remain open to opportunities if appropriate valuations come up," Reliance MF CEO Sundeep Sikka told PTI.

The Anil Ambani group firm, which is the biggest mutual fund in the country in terms of assets under management, has also become the first fund house to cross an average AUM of Rs one lakh crore.

"Consolidation has already started in the industry and going forward, only top 5-7 fund houses would command the major chunk of funds as investors will have confidence in large fund houses," Sikka said.

Reliance MF's average AUM jumped 16 per cent to Rs 1,02,730.15 crore in May, while the second-largest fund house HDFC MF's AUM stood at Rs 75,406.10 crore, followed by ICICI Prudential which clocked Rs 65,549.85 crore.

Asked whether Reliance MF is in discussion with any fund house for a possible acquisition, Sikka said, "We are not in talks with anyone at this time."

The mutual fund industry has witnessed a surge in the assets under management in the past two months and the combined average AUM of 33 fund houses crossed the Rs six-lakh -crore mark in May.