Financial Daily from THE HINDU group of publications
Thursday, Sep 29, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 29, 2005 |
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Markets
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Mutual Funds Assets under management of MFs rise 26 pc Our Bureau
New Delhi , Sept. 28 ASSETS under management of the mutual fund industry have recorded a nearly 26 per cent growth on a year-on-year basis as on August 31 to touch Rs 1,95,000 crore, the Chairman of the Association of Mutual Funds in India (AMFI), Mr A.P. Kurian, said here today. "We expect to even better this growth rate in the current year. The big jump in the assets under management in the recent months can be attributed to the surge in number of new diversified equity schemes and our marketing efforts," he told newspersons on the sidelines of the 7th Annual IIEF Pension Conclave 2005. He said the assets under management of the mutual industry as on March 31, 2005 stood at Rs 1,49,554 crore. Mr Kurian also said that AMFI would soon approach the Insurance Regulatory and Development Authority to seek its approval for allowing insurance companies to outsource their investment activities to the asset management companies. "In the long run, insurance companies would find it beneficial to outsource their investment-related activities to the AMCs. By doing this, they can fully focus on insurance," he said.
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