The Hindu Business Line : MFs’ asset base up marginally

Mumbai, Nov. 3 Assets under management of mutual funds rose marginally in October, partly on the back of inflows enjoyed by selected funds and lower redemptions, said fund managers.

The industry AUM amounted to Rs 7,51,477 crore as on end of October, against Rs 7,42,910 crore in end-September. Five fund houses are yet to report AUMs.

Even as Reliance Mutual Fund’s asset base fell by 1.24 per cent during October, the rest among the top five recorded marginal growth. They are HDFC MF (3.19 per cent), ICICI Prudential (0.5), UTI (4.4) and Birla Sun Life (3.16).

The average assets under management might have increased during the month, but the end-of-the-month data might reflect a different number as it is mainly during the tail-end of the month that MFs witness outflows, said the Chief Investment Officer of a fund house.

Equity schemes fetched poor inflows during the month, but asset base of the industry was more or less maintained as there were not much outflows either, said a fund manager.

Debt funds have got some inflows, which helped keep up the asset base, said another fund manager.

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