Reliance Mutual Fund, owned by the Anil Ambani controlled Reliance Capital, has achieved the coveted milestone by notching up Rs 1 lakh crore of assets under its management this April.

Reliance Mutual Fund is the first mutual fund in India to cross this mark. The recent turmoil in the market has not affected the company’s fund mobilization capability.

On April 30, the total assets under management (AUM) of the fund was Rs 1,00,812 crore, including Rs 34,000 crore in equity schemes and Rs 66,800 crore in debt funds (liquid and fixed maturity plans).

Vikrant Gugnani, chief executive officer, Reliance Mutual Fund, said, “We have built a robust model around systematic investment plans (SIPs) in equity and fixed maturity plans (FMPs) in debt, which ensures a continuous inflow and also helps in insulating our unit-holders from market volatility.”

On the other hand, the second position goes to ICICI Prudential, while UTI mutual Fund stood at number three. On March 31, 2008, ICICI prudential had an AUM of Rs 54,322 crore and UTI Mutual Fund had Rs 48,983 crore. At the same time, Reliance Mutual Fund was managing a portfolio of more than Rs 90,000 crore.

The reliance Mutual Fund achieved brilliant growth in 2007-08 when it added up a new 39 lakh clients in its list, in order to take its total number of customers to 69 lakh.

Mr. Gugnani also said that Reliance Mutual Fund had 800,000 investors under SIPs, through which the fund earned a guaranteed inflow of Rs 400 crore on a monthly basis.

He also said that around 40,000 people were signing up every month for such investment schemes.

Vijayan Krishnamurty, CEO of JP Morgan Asset Management Company, said, “In the last four months market performance was exceedingly poor, particularly for India and China.”

“In India, investors have continued to invest, particularly through SIPs and systematic transfer plans, which is a good sign. In comparison, I understand, the mutual fund industry in the US has witnessed a net outflow over the same period.”