Baroda, Union MFs bank on mergers to increase their market share

AUM of both companies declined in September quarter

The smaller-sized fund houses — Baroda Asset Management Company (AMC) and Union AMC — which are yet to gain a significant foothold in Rs 27-trillion mutual fund (MF) industry, are looking to increase their market share as bank mergers give their sponsor banks access to a wider branch network. 

At the end of the September quarter (Q2), Union AMC’s average assets under management (AAUM) stood at Rs 4,089 crore, while that of Baroda AMC stood at Rs 10,676 crore. 

Compared to the corresponding period last year, Union AMC’s AAUM was down 16 per cent, while the AAUM for Baroda AMC