|
| MF assets jump 3%; HDFC MF overtakes ICICI Pru |
| Press Trust of India / New Delhi Sep 02, 2008, 16:09 IST |
|
The country's mutual fund industry has witnessed nearly three per cent rise in its asset under management in August, while HDFC MF moved ahead of ICICI Prudential to become the second largest fund house in India, a data shows.
The combined average asset under management (AUM) of the 34 fund houses in the country increased to Rs 5,44,317.26 crore at the end of August, as compared to Rs 5,29,629.46 crore in July, according to data released by the Association of Mutual Funds in India.
Analysts feel that fixed maturity plans and liquid schemes have become the flavour of the season for fund houses and investors are now focusing on these close-ended funds.
"The slight improvement in the assets under management of mutual funds in August has been mainly due to investors turning their attention more towards fixed maturity plans and liquid schemes, which provided them with comfortable returns and some stabilisation has also returned in equity market," Taurus Mutual Fund Director R K Gupta said.
HDFC MF, the average AUM of which surged 3,106.60 crore or 6.12 per cent to Rs 53,858.63 crore, thereby replacing ICICI Prudential, which witnessed a drop in its AUM to Rs 53,092.78 crore in August.
The average AUM of ICICI Prudential declined by Rs 2,067.88 crore, or 3.75 per cent this month from Rs 55,160.66 crore in July.
However, country's top fund house Reliance MF recorded the highest increase of over Rs 4,052.55 crore or 4.79 per cent in its average AUM in August, thereby retaining the top slot in the industry.
The fund's AUM stood at Rs 88,616.46 crore at the end of August, against Rs 84,563.91 crore in the previous month.
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
