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Mutual funds asset base up 5 pc to Rs 24 lakh cr in July

Press Trust of India  |  New Delhi 

Mutual funds' asset base rose by 5 per cent to Rs 23.96 lakh crore in July-end, driven by participation from and a spirited investor awareness campaign by the industry.

The asset under management (AUM) of the industry, comprising 42 players, was Rs 22.86 lakh crore at the end of June, according to the data by Association of in India (Amfi).

The total asset base of all the fund houses put together was Rs 19.97 lakh crore in July last year.

"The monthly rise in the asset base is mainly due to the industry body's investor awareness campaign and strong participation from retail investors," Amfi NS told over phone.

Besides, Systematic Plan (SIPs) continue to be the fancy of and people continue to invest through the route as it allows investors to invest in small amounts periodically instead of lump sum, he added.

AUM has touched Rs 10 lakh crore last month. It stood at Rs 9.61 lakh crore in June-end.

Further, nine lakh new folios have been added last month taking the total to all time high of 7.55 crore at the end of July from 7.46 crore in preceding month-end.

"The addition of new folios suggests that new investors believe that are among the most promising products for the long term," said.

Folios are numbers designated to individual investor accounts, though an investor can have multiple accounts.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 07 2018. 17:00 IST