The asset management companies of mutual funds make money irrespective of whether their unit-holders do or not. Last year most mutual funds did quite badly. Not so the AMCs. Most of them had a great year. But here is the issue. If as a unit-holder you wanted to know how much the AMCs made, it would be hard for you to find out in some cases. Six months are already over and companies are getting ready to come out with their half-yearly reports. But surprisingly, some AMCs like Quantum, Kotak Mahindra, ICICI Prudential and UTI are still working on their 2008-2009 annual reports. Do these companies have any answer for this? No, unless the trustees make a noise. And the trustees sure never make a noise.
Remember, the main source of money for the AMCs is the fee that they charge investors who put money in the fund. The least AMCs should do is to become a bit prompt and transparent about their own financial performance.