THE BIG GET BIGGER The proposed measure of increasing the expense ratio is likely to benefit the biggies disproportionately, as they hold the lion's share of assets, earn hefty fees and spend little relatively Marketing /staff expenses of profitable fund houses (Rs crore)
AMC	Asset mgmt fee	Staff costs	mktg expenses	Mktg/AMC fee (%)	Staff costs/ AMC fee (%)
Reliance	597.19	126.60	30.09	5.04	21.20
HDFC	562.52	85.88	10.31	1.83	15.27
UTI	420.40	148.47	13.00	3.09	35.32
Franklin	354.53	106.67	9.46	2.67	30.09
Birla	313.87	100.68	15.28	4.87	32.08
ICICI	281.21	84.05	4.80	1.71	29.89
Fee/expense structure of loss-making funds (Rs crore)
AMC	Asset mgmt fee	Staff costs	Mktg expenses	Mktg/AMC fee (%)	staff costs/ AMC fee (%)
Fidelity	70.75	68.12	17.05	24.10	96.29
LIC	86.86	16.77	6.81	7.84	19.31
Religare	33.50	30.86	43.85	130.89	92.12
Axis	22.76	24.88	0.39	1.72	109.29
L&T	6.60	18.67	13.76	208.38	282.89
Pramerica	1.30	19.72	2.64	203.40	1,521.17
Figures for year ended March 2011.                Source: BS analysis of Value research data