Mutual fund industry's AUM drops 4.5% in July-Sept qtr

Assets under management (AUM) of the mutual fund industry fell by 4.5% to Rs 8.08 lakh crore in July-September quarter amid continued volatility in the rupee and stock markets.

The country's 43 fund houses together had an average AUM of Rs 8,08,295 crore in the July-September quarter of the current fiscal, down from Rs 8,46,677 crore in the previous three-month period.

This included the AUM of Fund of Funds managed by the AMCs (Asset Management Companies) in the domestic and overseas markets, according to the data released by industry body Association of Mutual Funds in India (AMFI).

Of the 43 fund houses, 34 saw their AUMs dropping during the period, which market experts largely attributed to continued volatility in the rupee and equity markets.

Besides, short-term interest rates remained volatile.

Most of the fund houses, including top-ranked HDFC, Reliance, ICICI Prudential, Birla Sunlife and UTI MFs saw a decline in their AUMs during the last quarter. These top five AMCs lost an aggregate of over Rs 20,000 crore in their average AUM over the last quarter.

However, BOI AXA, LIC Nomura, HSBC and L&T witnessed a decline in their AUMs from the levels seen in the April-June quarter.

In terms of assets base, HDFC MF was ranked on the top with total AUM of Rs 1,03,046 crore, followed by Reliance MF (Rs 93,249 crore), ICICI Pru MF (Rs 85,174 crore), Birla Sun Life MF (Rs 77,256 crore) and UTI MF (Rs 70,057crore).