 "Mutual fund industry sees tepid growth in the September quarter")
The mutual fund (MF) industry saw tepid growth in the September quarter, with a marginal improvement of 0.7 per cent in average assets under management (AAUM) over the previous quarter. Smaller fund houses continued to see a significant reduction in assets. Indiabulls MF saw its average asset size shrink 50 per cent; PGIM India MF and IDBI MF saw around 20 per cent reduction.
In absolute terms, Nippon India MF (formerly Reliance Nippon Life AMC) saw its asset size decline by Rs 19,926 crore. Other MFs, which witnessed most contraction in absolute terms were L&T MF (a decline of Rs 4,283 crore), Tata MF (Rs 3,995 crore), UTI MF (Rs 3,637 crore), and Indiabulls MF (Rs 2,293 crore). In absolute terms, top gainers included HDFC MF, SBI MF, IDFC MF, ICICI MF, and Kotak Mahindra MF. In percentage terms, IDFC MF, Mirae AMC, and PPFAS MF led, with 12-14 per cent gains.
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