"Growth in average AUM is mainly due to good liquidity and higher inflows in debt funds. We have lately seen an increasing interest from retail investors in the capital market through mutual funds, which is significant as the mutual fund industry is highly under-penetrated," RCAM. CEO Sundeep Sikka told PTI.
The average AUM of Reliance Mutual Fund, run by RCAM, grew by over Rs 9,200 crore in the last quarter to reach Rs 1,02,487 crore at the end of calendar year 2013, according to the latest data available with industry body AMFI (Association of Mutual Funds in India).
Currently, there are only two fund houses in the country with average AUM of more than Rs 1 lakh crore. While HDFC Mutual Fund tops the chart as the country's biggest fund house with average AUM of Rs 1,08,990 crore, Reliance MF is ranked second among the 44 fund houses.
"We aim at reaching every household in India and making mutual fund products available to one and all. We are committed to reach out to a large number of investors and confident of helping them create long-term wealth for themselves and their families," Sikka said.