India's leading fund house, ICICI Prudential AMC celebrated the completion of ten years in the Indian Mutual Fund industry. The company which began in the year 1998, with an AUM of Rs 160 Crore, managing only two funds at its inception has since expanded its AUM to Rs 59,505.14 Crore as on 30 June 2008 spread over 40 funds. ICICI Prudential Asset Management Company Ltd. is the joint venture between ICICI Bank, a well-known and trusted name in financial services in India and Prudential Plc, one of UK's largest players in the financial services sectors. Gracing the occasion were stalwarts like Mr. Mark Tucker, Group Chief Executive, Prudential Plc, Ms. Kalpana Morparia, Vice Chairman - Insurance, Securities & Asset Management, ICICI Group and Mr. Nimesh Shah Managing Director, ICICI Prudential AMC spoke on the company's glorious run over the last decade.
ICICI Prudential AMC has maintained a lead over the competition with its consistent long-term performance, innovative products, superior technology and a powerhouse of the best talent in the industry during both good and bad in the market over the past decade.
Speaking on the occasion, Mr. Mark Tucker, Group Chief Executive, Prudential Plc said: "I'm delighted to be here in India today, ten years after we launched our fund management joint venture with ICICI, to help celebrate its outstanding achievements. When we launched the business both partners shared a very ambitious vision of what we wanted to achieve and it's a real credit to our truly talented and dedicated ICICI-Prudential AMC team that we have consistently outperformed in every way. I look forward to another record breaking 10 years".
Following up on this, Ms. Kalpana Morparia, Vice Chairman - Insurance, Securities & Asset Management, ICICI Group said: 'This is a momentous occasion for all of us. ICICI Prudential Mutual Fund has been a consistent, focused and performance based company that has generated long-term returns for its investors. Its impressive track record bears testimony to this fact. On the occasion of the 10th anniversary of our company we celebrate our past achievements and look forward with a lot of excitement to even greater achievements in future."
Mr. Nimesh Shah, Managing Director, ICICI Prudential AMC commented: "ICICI Prudential AMC over the last decade has taken the leadership mantle on product innovation and performance and has continuously generated value for its investors. The last decade has set the strong foundation and we are poised to build a superstructure on it in coming years. With the trust bestowed by our investors and the support of all our channel partners, the next decade will also witness the company scale new heights and set new benchmarks.
Some of the major milestones that the company has crossed over the decade are:
- First private sector AMC to challenge the leadership position of a PSU in the Mutual Fund Space and cross their AUM in the year 2006 2. First AMC to foray into the PMS space in 2000. ICICI Prudential PMS is one of the largest such set up in the country with an AUM of around Rs.2,814 crore as on 30 June 2008.
- AMC with the largest branch network in India with 245 branches and still expanding.
- The Investor base over the last 10 years has witnessed a CAGR increase of around 150% from 210 to 1.9 million currently.
- Total turnover of the company over the last 10 years has increased from Rs. 10 crore to Rs. 439 crore as on March 2008.
- Migration of Fund Accounting to HSBC Institutional Fund Services in the year 2008. This is the largest and most complex third-party outsourcing project ever undertaken in the Indian funds industry.
- First and the only Indian mutual fund Company to disclose complete details on the securitisation and pass through certificates across all fixed income funds of the company in the monthly fact sheet in the year 2008.
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