Mutual fund assets grow to Rs4.77 trillion

Mutual fund assets grow to Rs4.77 trillion

New Delhi: Assets under management of mutual funds in the country have increased by Rs10,114.17 crore to Rs4.77 trillion, led by Anil Ambani-promoted Reliance Mutual Fund.

According to AMFI data, assets of all the 32 fund houses in the country increased to Rs4,77,737.61 crore as against Rs4,67,623.44 crore in August.

Reliance Mutual Funds maintained its top position with AUMs of Rs70,440.57 crore as against Rs67,597.65 crore in August, showing a growth of 4.2%.

ICICI Prudential remained at the second slot and added 241 crore to its AUMs standing at 0,369.93 crore, while PSU major UTI MF was at the third rank with assets worth 5,002.62 crore.

However, overall AUMs are less than Rs4,86,129 crore in July. August witnessed a dip of Rs18,500 crore in assets due to stock markets volatility over the US subprime mortgage crisis.

“Absence of any blockbuster New Fund Offerings (NFO) in the previous month has led to a slower growth in the AUMs of the fund houses," mutual fund tracking firm Value Research Online CEO Dhirendra Kumar told PTI.

Another reason was the offering of more closed-ended funds, making investors wary of putting their money into the schemes, he added.

In September, the benchmark Sensex crossed the 17,000 mark while National Stock Exchange’s Nifty surpassed the 5,000 milestone. Mutual funds were net sellers as they sold off equities worth about Rs1,000 crore.