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| MF industry assets hit record high of Rs 7.62 lakh cr |
| Press Trust of India / New Delhi Nov 04, 2009, 16:23 IST |
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Assets of the mutual fund industry have touched an all time high of Rs 7.62 lakh crore, while country's largest fund house Reliance MF witnessed a decline of over Rs 1,400 crore in its average assets under management (AUM) at the end of October.
The industry's average AUM grew by Rs 19,391 crore, or 2.61 per cent, in October which analysts believe was mainly on the back of increased inflows in fixed income plans.
The combined average AUM of the 36 fund houses hit the historic Rs 7,62,301.82 crore mark at the end of October, the data by Association of Mutual Funds in India (AMFI) showed.
"Fund houses have witnessed a decline in the assets of their equity portfolio. But inflows into fixed income schemes have helped the industry to record a growth in their assets," Taurus MF Managing Director R K Gupta said.
Reliance MF maintained its position as the country's largest fund house despite a decline of Rs 1,469.51 crore in its AUM during the month. At the end of October, the AUM of Reliance MF stood at Rs 1,16,781.92 crore.
"Reliance MF has increased equity exposure than other portfolios. Since all the investments in equities need to be mark-to-market at the end of the month, the AUM of the fund house suffered a decline during October," Gupta noted.
The assets of the country's second largest fund house HDFC MF inched closer to the Rs 1 lakh crore mark with an addition of Rs 2,888 crore during October.
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