Mutual fund assets dip 4.1% to Rs7.6 lakh crore in January

The mutual fund industry's average AUM fell by Rs32,853.79 crore or 4.1% during January for the second month in a row

The country's mutual fund (MF) industry witnessed a decline in the average assets under management (AUM), for the second month in a row, to Rs7.60 lakh crore in January, reports PTI.

The industry's average AUM fell by Rs32,853.79 crore or 4.1% during the said month.

The combined average AUM of the 37 fund houses stood at Rs7,61,632.26 crore at the end of January, according to data released by the Association of Mutual Funds in India (AMFI).

Reliance MF maintained its numero uno position as the country's largest fund house with an AUM of Rs1,17,248.60 crore during the month, despite losing Rs2,733.20 crore from its assets.

Market analysts said that the fall in assets of MFs was due to the correction in the equity market in the past month in addition to banks opting to stay away from funds.

Reliance MF was followed by the country's second-largest fund house HDFC Mutual Fund, which saw an erosion of Rs2,386.80 crore in its AUM. HDFC MF, which saw its AUM in November cross the Rs1-lakh crore mark, had average assets worth Rs94,797 crore at January end.

The country's third-largest fund house, ICICI Prudential MF, saw its AUM falling by Rs4,059.90 crore during the month to Rs78,372.40 crore.

The other two fund houses among the top five—UTI MF and Birla Sun Life MF—saw their assets declining to Rs74,509.90 crore and Rs68,066.20 crore, respectively.

The combined AUM of MFs had touched a record Rs8-lakh crore mark in November last year.

The Bombay Stock Exchange’s benchmark Sensex dropped by 6.3% in January to end at 16,357 points.

Meanwhile, some smaller fund houses like Taurus MF, Baroda Pioneer and Canara Robeco MF managed to see an increase in their respective AUM in the reviewed month.

In December last year, the assets of fund houses had dropped by Rs28,645 crore or 3.6% as compared to the November figures.
 

Like this story? Get our top stories by email.

User

A computer that doesn’t need a screen

Using laser-based projection technology and other tech tucked into a tiny box, this computer by a UK company projects a touch screen on any surface with relatively low power.

Read Article...

Like this story? Get our top stories by email.

User

Stocks will do well in 2010: Siegel

In an interview last month, bullish Wharton professor Jeremy Siegel said that US equities could gain easily gain 10% over the year, despite an inevitable rate hike, which will scare stocks down for a week or two, before investors recognise the hike as a sign that the economy is improving. Another thing to watch for, says the professor, is a downturn on the bonds market, as risk premium dissipates and rising interest rates hurt value.

Read Article...

Like this story? Get our top stories by email.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)