Mutual funds’ asset base rises to Rs.24 trillion
Mutual funds’ AUM rose to over Rs.24 trillion in July-September quarter, a 14% increase from the previous period, driven by good response from retail investors.
The AUM of the mutual fund industry, comprising 41 players, was Rs.23.4 trillion in the preceding three months, showing a growth of just 2.5% on quarterly basis, according to the data released by Association of Mutual Funds .
The total asset base of all the fund houses put together was Rs.21 trillion in July-September 2017.
There were primarily two reasons for this growth 1st strong participation from retail investors, especially from smaller towns and 2nd investor awareness campaigns by the industry.
Of the 41 fund houses, as many as 33 mutual funds (MFs) witnessed growth in their asset base during the period under review as compared to July-September quarter of 2017-18, while eight saw decline in their AUMs.
ICICI Prudential MF continued to lead the pack with an AUM of Rs.3,10,257 crore (excluding fund of funds) at the end of September quarter, followed by HDFC MF (Rs.3,06,360 crore) and Aditya Birla Sun Life MF (Rs.2,54,207 crore).
With an asset base of Rs.2,53,829 crore, SBI MF has bagged the fourth spot replacing Reliance MF, which has an AUM of Rs.2,40,445 crore.