Mutal Funds’ assets shrink by over Rs800 cr in January

Mutal Funds’ assets shrink by over Rs800 cr in January
PTI
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First Published: Mon, Feb 04 2008. 05 13 PM IST
Updated: Mon, Feb 04 2008. 05 13 PM IST
New Delhi: Stock market meltdown last month led to an erosion of over Rs800 crore in the total assets of the mutual fund industry by the end of January.
Almost all the leading fund houses, except ICICI Prudential, witnessed a drop of Rs3,000-5,000 crore in their assets led by Reliance MF and UTI MF.
The combined assets under management of the 32 fund houses in the country fell to Rs5,49,114.82 crore in January, against Rs5,49,942.02 crore at the end of December, 2007, latest data available on the website of Association of Mutual Funds in India show.
Assets under Management of the country’s largest fund house Reliance MF came down by about Rs3,500 crore to Rs77,210.03 crore by the end of the first month of the year from Rs80,779 crore till December 2007.
“The 20% fall in the stock market, drove the shrinking of mutual funds assets for the period. However, the money invested in New Fund Offerings (NFOs), not reflected in the AUM data, could be substantial for the period,” Mutual fund tracking firm Value Research CEO Dhirendra Kumar said.
However, the second largest fund house in the country ICICI Prudential saw a rise of Rs7,272.49 crore in its assets, which stood at Rs64,045.07 crore for January this year. In December, ICICI Prudential’s AUM were Rs56,772.58 crore.
State-run UTI MF also witnessed a fall of over Rs4,000 crore in its assets under management, which stood at Rs52,656.19 crore at the end of January, compared to Rs56,854.10 crore in last month of the previous year.
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First Published: Mon, Feb 04 2008. 05 13 PM IST