| The assets under management (AUM) of domestic mutual funds have grown more than 4.3 per cent in November, over the corresponding figures for October.
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| A study of the change in corpuses managed by 26 fund houses in the period October-November 2003, sourced from mutualfundsindia.com, shows that as many as 23 have shown a growth in AUM.
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| What comes as a surprise is that Reliance Mutual Fund, which had been clocking an impressive growth in the last few months, has seen a net outflow of Rs 393.32 crore in November.
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| Standard Chartered Mutual Fund recorded the highest gain of Rs 688.93 crore in November. The fact that it is a debt-focused fund house and the debt market has been choppy in the last month is what makes the growth commendable.
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| According to industry observers, the backing of the parent bank in terms of reach and clientele has contributed to its growth.
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| Also a large part of the growth is due to the inflow of over Rs 1,000 crore into its liquid schemes.
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| This, according to experts, is inevitable as the lacklustre debt market has seen corporates parking their surplus funds into liquid schemes, without taking the undue risk of investing in long-term debt.
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| The other top gainers among fund houses in the last month were Franklin Templeton Mutual Fund (its corpus grew by Rs 610.79 crore), followed by Tata Mutual Fund (with an accretion of Rs 544.94 crore) and Prudential ICICI Mutual Fund (Rs 495.63 crore).
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| With this, Prudential ICICI marks a first among the Indian private sector mutual funds, as it has been able to cross the Rs 15,000 crore mark in AUM.
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| Apart from the equity market rally, what has also contributed to the growth in corpus of mutual funds in the last couple of months is the spate of new fund launches. |
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