| MF industry's assets cross Rs 6 lakh cr mark in May | |
| Press Trust of India / New Delhi June 2, 2009, 16:30 IST | |
The mutual fund industry crossed a record Rs 6 lakh crore-mark in assets in May, with the country's largest fund house, Reliance MF, alone accounting for over Rs 1 lakh crore.
The mutual fund industry's average assets under management (AAUM) grew by Rs 86,355.19 crore, or 15.66 per cent, and analysts said the increased inflows into fund houses show that investors are regaining confidence in equity schemes.
The combined average AUM of the 35 fund houses in the country increased to Rs 6,37,609.41 crore in May compared to Rs 5,51,25,422 crore in April, according to the data released by the Association of Mutual Funds in India (AMFI).
Reliance MF maintained its top position as the largest fund house in the country with Rs 14,342.17 crore or 13 per cent jump in AUM to Rs 1,02,730.16 crore at May-end.
ICICI Prudential's AUM stood at Rs 65,549.86 crore at the end of May, while UTI MF had assets worth Rs 63,437.87 crore.
"Investors are now waiting for some kind of reforms in the upcoming budget. Any further gains in AUMs would depend on the speed of reforms," Garg said.
Further, LIC Mutual Fund saw an increase of Rs 2,483.49 crore in its AUM at Rs 28,598.76 crore last month.
The other fund houses which saw an increase in their average AUM in May include — Canara Robeco MF, IDFC MF, DSP BlackRock, Deutsche MF and Kotak Mahindra MF.
The BSE benchmark index Sensex saw a 28 per cent gain in May and had settled at 14,625.25 points.
The fund houses had seen the combined AUM hitting the Rs 5-lakh crore mark after a gap of two months at the end of April.
It had an AUM of Rs 88.387.98 crore at the end of April.
The second-largest fund house, HDFC MF, gained Rs 11,525.47 crore in its AUM at Rs 75,406.10 crore.
"The market has gone up substantially and the investors are also showing interest in equity schemes. With increased inflows, the subscription is also increasing," Sahara Mutual Fund CEO Naresh Garg said.
ICICI Prudential and state-run UTI MF added Rs 9,500.58 crore and Rs 8,947.88 crore, respectively, to their assets last month.
|
Content Guide
