MF industry touches new high; assets rise for 5th quarter in a row

Average AUM hits record high of Rs 8.38 lakh crore in April-June

Average assets under management (AUM) of India's mutual fund industry has risen for the fifth quarter in a row.

According to the latest statistics from the industry body Association of Mutual Funds in India (Amfi), the average AUM of the 44-member industry stood at a new high at Rs 8.38 lakh crore for the quarter ended 30 June.

This is a rise of 2.67% in the sequential quarter. Thanks to high inflows in industry's debt category.

Though overall industry's AUM growth remained low, sector's top fund houses did better than industry's average.

UTI Mutual Fund grew its asset size with the fastest speed. Its assets jumped 7.56% to Rs 74,706 crore. ICICI Prudential MF was the second fastest in terms of asset growth among top players at 4.39%.

Country's largest fund house HDFC MF managed its top ranking and maintained assets well above Rs 1 lakh crore at Rs 1,04,977 crore. While Reliance MF and Birla Sun Life MF grew 3.37% and 3.52%, respectively.

However, among the top ten players, IDFC MF was the top gainer as its assets grew with a whopping rate of 18.4% during the quarter.