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| Mutual funds regain Rs 5-trn mark in assets |
| Press Trust of India / New Delhi Mar 03, 2009, 16:50 IST |
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The country's mutual fund industry regained the Rs 5,00,000 crore-mark in assets, after a gap of four months, with Reliance MF maintaining its top position as its average assets under management (AUM) increased to nearly Rs 5,500 crore at the end of February.
The mutual fund industry's total AUM grew by Rs 40,000 crore, or 8.8 per cent, and analysts believe it was mainly due to the inflow in fixed income plans in expectations of an interest rate cut.
The combined average AUM of the 34 fund houses in the country increased to Rs 5,00,973.37 crore in February as compared to Rs 4,60,948.99 crore in January, according to the data released by Association of Mutual Funds in India (AMFI).
"Fixed income funds were in demand in February as investors were anticipating a rate cut by the Reserve Bank of India and it is expected the increase in assets for mutual funds will continue in coming months due to some risk aversion creeping in," mutual fund tracking firm Value Research CEO Dhirendra Kumar said.
The funds houses saw the combined AUM hit the Rs 5,00,000-crore mark after a gap of four months. In September last year, the industry's total AUM was Rs 5,28,871.75 crore.
In October, the assets had dipped below the Rs 5,00,000-crore mark, which had continued from November to January.
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