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| MF assets grow 12% in April, regains Rs 5-lakh cr mark |
| Press Trust of India / New Delhi May 05, 2009, 16:33 IST |
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Mutual fund industry regained the Rs 5,00,000-crore level in assets after a gap of two months, with Reliance MF maintaining its top position as its average AUM increased by over Rs 7,000 crore at the end of April.
The mutual fund industry's total assets under management (AUM) grew by Rs 58,013 crore, or 11.76 per cent, and analysts believe it was mainly due to the recovery in equity markets and investment by banks.
The combined average AUM of the 35 fund houses in the country increased to Rs 5,51,299.95 crore in April compared to Rs 4,93,286.56 crore in March, according to the data released by Association of Mutual Funds in India (AMFI).
"The assets have seen a rise in April as fixed income schemes along with some equity schemes received significant inflows in the month. And if the stock market sustains its rally, money may again flow into the equity funds," mutual fund tracking firm Value Research CEO Dhirendra Kumar said.
Reliance MF maintained its top position as the largest fund house in the country with Rs 7,425 crore jump in AUM to Rs 88,387 crore at April-end.
The second-largest fund house HDFC MF gained Rs 5,924.18 crore in its AUM at Rs 63,880.63 crore.
"The equity market action has propelled fund buying in shares leading to an increase in AUM. Also the banks are sitting on surplus cash which they are investing in liquid funds," Taurus MF director R K Gupta said.
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