India’s Biggest Money Managers See Assets Surge 66 Percent Total assets under management at the India 20, Institutional Investor’s annual ranking of that country’s biggest money managers, soared 66 percent last year. UTI Asset Management retains the top spot, with $8.6 billion, but its dominance is threatened by Reliance Capital Asset Management, whose assets skyrocketed 148 percent last year. The firm, which vaults to second place from fifth, now has $8.4 billion under management.
Last year’s second-place firm, ICICI Prudential Asset Management, slips to fourth even though its assets rose 59.1 percent, to $7.8 billion. HDFC Asset Management’s assets swelled 72 percent, to nearly $8 billion, but that was not enough to move it out of the third-place position it held last year.
Rounding out the top five is Franklin Templeton Asset Management (India), which falls from fourth place last year. The firm’s assets rose 44 percent last year, to more than $5 billion.
How the Ranking Was Compiled Institutional Investor's annual ranking identifies India's top 20 fund managers by assets. New York-based Associate Editor WeiQing Lu and Mumbai-based Contributing Editor Niraj Bhatt compiled the ranking from questionnaires filled out by the institutions themselves. II refined this data through follow-up faxes, e-mails and telephone calls. When official data were unavailable, II obtained figures from Web sites and other public sources. All figures are in millions of dollars and are as of December 31, 2006. Figures were converted from rupees to dollars using year-end 2006 exchange rates.