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| MF industry assets hit all-time high of Rs 8 lakh cr |
| Press Trust of India / New Delhi Dec 02, 2009, 19:59 IST |
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The assets under management (AUM) of mutual funds in the country have increased to Rs 8 lakh crore at the end of November, mainly propelled by bulk inflow into debt schemes.
The industry's average AUM grew by Rs 45,071 crore, or 5.91 per cent, in November.
The combined average AUM of the 37 fund houses hit a historic high of Rs 8,07,546.39 crore at the end of November, the data by Association of Mutual Funds in India (AMFI) showed.
Reliance MF maintained its top position as the country's largest fund house with an AUM of Rs 1,22,252.43 crore. Over the month Reliance MF added Rs 5,471 crore to its assets.
HDFC MF, on the other hand, became the second fund house to have an AUM of over Rs one lakh crore. At the end of November, the AUM of HDFC increased by Rs 9,084 crore to Rs 1,02,399.95 crore.
"There has been increased allocation into liquid fund under the debt fund scheme. Investments in equities have taken a hit as the stock market is at the elevated level and people are staying away from fresh investments," Kotak Mutual Fund head fixed income and products Krishna Iyer said.
Country's third-largest fund ICICI Prudential MF added Rs 1,614.03 crore to its assets, while the fourth largest fund house UTI MF witnessed a jump of Rs 3,047.88 crore in its AUM during November.
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