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MUMBAI, July 31 (Reuters) - Following is a list of India's top 10 asset management firms by average assets at end June: To read a story on how slumping stock markets are eroding fund firms' profitability, click on [ID:nPEK116952]

-- No. 1 fund firm Reliance Capital Asset Management (www.reliancemutual.com), a unit of billionaire Anil Ambani's Reliance Capital Ltd (RLCP.BO: Quote, Profile, Research), managed 908.13 billion rupees ($21.37 billion) in June, more than 1.5 times than amount managed by its nearest rival.

In December, 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.

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

The fund house managed 594.74 billion rupees in June.

-- Britain's Standard Life Investments (SL.L: Quote, Profile, Research) holds a 40 percent stake in HDFC Asset Management (www.hdfcfund.com), with HDFC Bank Ltd (HDBK.BO: Quote, Profile, Research), India's second biggest private-sector lender, the majority partner. The firm managed 527.11 billion rupees in June.

-- Government-run lenders State Bank of India (SBI.BO: Quote, Profile, Research), Punjab National Bank (PNBK.BO: Quote, Profile, Research) and Bank of Baroda (BOB.BO: Quote, Profile, Research), 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 507.71 billion rupees in June.