Reliance Capital Asset Management adds Rs.7,000 crore

Chennai, July 17 (IANS) Reliance Capital Asset Management (RCAM) closed the first quarter of the current fiscal increasing its asset under management (AUM) by Rs.7,000 crore as compared to previous year's comparable quarter, said the company.

In a statement Wednesday, RCAM - part of Reliance Capital Ltd. - said the total asset under management stands over Rs.180,000 crore across mutual/pension funds, offshore mandates and others.

"Our focus on increased retail participation and expanding our reach in Tier 2 and Tier 3 cities has helped us maintain high profitability in challenging times for the industry," Sundeep Sikka, CEO of RCAM, was quoted as saying in the statement.

RCAM added over 1,000 distributors in its network to 41,500 distributors in first quarter as compared to 40,500 during the same quarter last fiscal year.


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