The Hindu Business Line : MFs asset base up 6.48% in Oct

The mutual fund industry saw a 6.48 per cent rise in asset base for October to Rs 3,09,829.86 crore, according to data released by the Association of Mutual Funds in India (AMFI).

The industry gained assets after witnessing a decline in the overall base in September. However, the gain in asset base in October has been in line with the general trend prior to September.

Fund managers had said that September saw redemption as companies paid advance taxes.

Funds were also withdrawn prior to quarterly corporate results.

At that time they had expected fresh monies to enter the funds again and that happened in October with the industry gaining 6.48 per cent in assets.

There has been no change in the ranking of mutual funds with assets under management (AUM). UTI Mutual fund topped with AUM at Rs 37,789.97 crore, a rise of Rs 3,034.86 crore or 6.48 per cent.

Prudential ICICI MF followed with assets at Rs 32,664.03 crore, up 8.12 per cent. Reliance MF gained 10.21 per cent at Rs 31,572.28 crore. HDFC MF and Franklin Templeton MF were the other MFs with high asset bases.

AMFI has not released the data for Quantum MF. Of the 30 MFs, asset bases of nine MFs declined.

Principal Pnb MF saw a decline in AUM at Rs 10,050.54 crore, down 4.79 per cent. Deutsche MF and DBS Chola MF also witnessed a drop by Rs 321.57 crore and Rs 232.16 crore respectively.