FACTBOX-India's top 10 mutual fund firms by assets

MUMBAI, Dec 8 (Reuters) - Global financial turmoil and recent attacks in Mumbai will likely spur foreign fund houses still looking to enter the high potential India market to hedge their risks with local partnerships rather than going it alone. [ID:nBOM420097]

Following is a list of India's top 10 asset management firms by average assets under management as of November 2008:

-- No. 1 fund firm Reliance Capital Asset Management (www.reliancemutual.com), a unit of billionaire Anil Ambani's Reliance Capital Ltd (RLCP.BO), managed 678.2 billion rupees ($13.7 billion) in November, more than 1.5 times the amount managed by its nearest rival.

In December last year, the firm said Eton Park had agreed to pay 5 billion rupees to buy a 5 percent stake, valuing the firm at 13 percent of its assets then.

-- Britain's Standard Life Investments (SL.L) holds a 40 percent stake in HDFC Asset Management (www.hdfcfund.com), with HDFC Bank Ltd (HDBK.BO), India's second biggest private-sector lender, the majority partner. The firm managed 442.6 billion rupees in November.

-- Government-run lenders State Bank of India (SBI.BO), Punjab National Bank (PNBK.BO) and Bank of Baroda (BOB.BO), and state-owned Life Insurance Corp each own 25 percent in UTI Asset Management (www.utimf.com), India's oldest mutual fund firm. The fund house, which has scrapped a planned public offer, managed 383.6 billion rupees in November.

-- British financial services firm Prudential Plc (PRU.L) has a 49 percent stake in ICICI Prudential Asset Management (www.icicipruamc.com), with India's top private-sector lender ICICI Bank (ICBK.BO) (IBN.N) holding the rest.

The fund house managed 370.6 billion rupees in November.

-- Birla Sun Life Asset Management (www.birlasunlife.com), which managed 319 billion rupees, is an equal joint venture between India's Aditya Birla Group and Canadian insurer Sun Life Financial (SLF.TO).

-- French bank Societe Generale (SOGN.PA) holds a 37 percent stake in SBI Funds Management (www.sbimf.com), with State Bank of India, India's largest bank, holding a majority stake. The fund house managed 231.7 billion rupees.

-- Franklin Resources Inc (BEN.N) owns India's seventh-largest fund firm, Franklin Templeton Asset Management (www.franklintempletonindia.com), which managed 194.4 billion rupees in November.

-- India's Tata Group owns Tata Asset Management (www.tatamutualfund.com), which held assets worth 175.4 billion. In March, the firm formed a venture with Britain's New Star Asset Management NSAM.L to manage New Star's India-dedicated funds.

-- Kotak Mahindra Bank Ltd (KTKM.BO) owns Kotak Mahindra Asset Management (www.kotakmutual.com). The fund house, which has an alliance with T. Rowe Price (TROW.O) to launch global funds, managed 144.7 billion rupees in November.

-- BlackRock Inc (BLK.N), the largest publicly traded U.S. asset manager, holds a 40 percent stake in DSP BlackRock Investment Managers Ltd (www.dspblackrock.com).

The remaining 60 percent is held by DSP ADIKO Holdings Pvt Ltd and DSP HMK Holdings Pvt Ltd, along with Hemendra Kothari.

The firm managed 133.8 billion rupees in November.

For a table on funds' average monthly assets under management and growth in assets, double click on [ID:nBOM351332]. ($1=49.7 rupees) (Compiled by Nishant Kumar and Jeffrey Hodgson; Editing by Lincoln Feast)