Anil Ambani Reliance promoted - Anil Dhirubahi Amabani Group (ADAG), Reliance Mutual Fund, has added another historical chapter in its glorious history by registering India’s first-ever company in total asset under management that has a total asset of more than Rs.1,00,000-crore in its kitty, Reliance official announced in Mumbai.
After cementing the first position in India’s Asset Management Company (AMC) and launching the biggest New Fund Offering (NFO), Reliance Natural Resource Fund, Reliance Mutual Fund has collected 1,00,812-crore by the end of April 30, 2008 under its asset management firm.
Announcing it in Mumbai, Vikrant Gugnani, President of Reliance Mutual said that by reaching tier-II and tier-III areas, Reliance has marked this achievement.
“In the last four years, we have managed to expand our investor base from 40,000 to 7 million investors and have a presence in more than 120 towns and cities,” he said.
Reliance Mutual Fund has added Rs 10,000 crore of corpus to its giant pool of over Rs.90,000-crore mark in just one month. By the end of March, Reliance AMC had more the 90,000 crore corpus. The colossal pool of Rs.1,00,800-crore is comprises to Rs. 34,000-crore from equity scheme and Rs.66,800-crore from debt funds.
This year Reliance has collected massive revenue from two giant offering Reliance Natural Resources Fund (Rs 5,660 crore) and Reliance Equity-linked Savings Scheme (ELSS) Series-1 that closed in March and whose collections the fund house has not announced so far.
In last year it had added 39-lakhs new customers that raise it to a total number of 69 lakhs of customers. Only from Systematic Investment plan (SIP), It adds Rs. 400-crore from nearby 8,00,000 investors while as much as 40,000 new investors were included in the SIP plan list every month.
Reliance Mutual Fund had 800,000 investors under SIPs, which gave it an assured inflow of Rs 400 crore a month; Gugnani said and added that 40,000 people were signing up every month for such investment schemes.
The number two and number three AMCs are far behind from Reliance MF, as the second AMC ICICI prudential had a total asset of Rs.54,332-crore on March 31, while UTI mutual Fund, the third in number had Rs 48,983 crore under its asset management.
The scheme of Reliance Mutual fund has been managed by Reliance Capital Asset Management (RCAM), which is a subsidiary of Reliance Capital that holds 93.37% of the paid-up capital of RCAM and remaining by minority shareholders. Reliance Capital is listed on the BSE and NSE.
According to Association of Mutual Funds of India (AMFI), Asset Under Management of the mutual fund industry have bloated from Rs 14,8584.78 crore in April 2004 to Rs 5,28,935.59 crore in March 2008, a jump of nearly 256 per cent.
Shariah compliant PMS
Besides, marking a new achievement, Reliance Money, the retail broking arm of Reliance Capital Ltd has announced to launch its first portfolio management service (PMS) for Muslim community by tying the knot with Parsoli Investment Company. Parsoli Investment and Finance is a renowned firm that deals by following the shari’ah (Islamic law.)
According to Shariah, earning towards the unfair means are not allowed in Islam that include the earnings from Alcohol business, casino business, pork, porn entertainment and interest earned from exploitation. Moreover, Islam does not allow to invest in such companies whose debt is more than one-third of their market capitalisation and receivables are less than 5%.
There are as much as 160-millions of Muslim and it is the biggest population of the world beyond Muslim nations, but very few muslims are aware of this fact that all investment are not ‘haram’ (prohibited), as per Parsoli Chief Zafar Sareshwala says.
“58 per cent of stocks listed on the Bombay Stock Exchange (BSE) are Shariah compliant while around 85 per cent of the stocks included in the Sensex are Shariah compliant,” he said.
Describing about the Islamic Portfolio Management, Parsoli’s Chief Zafar said, “There is a huge requirement for this because as the market grows, it is hard for individual investors to make money on their own,” says Zafar Sareshwala, Parsoli’s chief executive officer.
The Director and CEO of Reliance Money Sudip Bandyopadhya said that for achieving the services of Reliance-Parsoli PMS, the investors would have to investment minimum amount of Rs.5 lakhs. Reliance Charges no money if client earns less then 8% profit, charges 10% of profit for earning 8-20% margin and for more margin, it charges the fee of 20% over the profit money.
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