Mutual fund AUM grows 3.3% sequentially in June qtr, smaller AMCs see churn

Amfu data shows fund houses such as Quant MF, Trust MF, ITI MF, PPFAS MF and PGIM India MF were top performers in terms of average AUM accretion

The average assets under management (AAUM) for the domestic mutual fund (MF) industry grew 3.3 per cent quarter-on-quarter to Rs 33.14 trillion during June 2021. Most large asset management companies (AMCs) saw their assets grow in line with the industry. However, several mid-and small-sized AMCs saw huge churn in their assets.

The data from Association of Mutual Funds in India (Amfi) shows that fund houses such as Quant MF, Trust MF, ITI MF, PPFAS MF and PGIM India MF were the top performers in terms of AAUM accretion. Quant MF saw its AAUM more than double 127 per cent albeit on a low base. Others witnessed growth in the range between 24 per cent and 38 per cent.

Ajit Menon, CEO, PGIM India MF said, “Much of our gains have come in the equity category given that our domestic funds have been doing extremely well. Also, as far as PGIM MF is concerned our international funds have also been doing well. As a smaller fund house, we have an opportunity to fill gaps now with new products. Recently, we launched a balanced advantage fund which also got a strong response from the investors.”

SBI MF continued with its number position with AAUM of Rs 5.23 trillion followed by HDFC MF and ICICI Prudential MF. On the other side Franklin Templeton MF continued to see its AAUM erosion in the April-June quarter by 27 per cent. Other fund houses such as Yes MF, BOI AXA MF and Indiabulls MF also witnessed fall in its AAUM.