The country's 45 fund houses together had an average AUM of Rs 10,90,309 crore at the end of November 30, 2014, down from Rs 10,95,653 crore in the preceding month, according to the data by Association of Mutual Funds in India (AMFI).
The AUM data for individual fund house is not being disclosed.
Industry experts said the monthly decline in AUM is largely on account of withdrawal from money market or liquid segment.
Overall, mutual funds (MF) saw a net pullout of Rs 25,628 crore.
The assets managed by mutual funds had crossed Rs 10 lakh crore-mark for the first time in May on the back of a sustained rally in markets after the formation of a new government at the Centre.
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