Continued volatility in the stock markets over the US subprime mortgage crisis all through August has led to a fall in assets of mutual funds in the country by over Rs 18,500 crore.The total assets under management (AUM) of 32 fund houses declined to Rs 4,67,623.44 crore from Rs 4,86,129.22 crore in July, according to the latest data released by Association of Mutual Funds in India (Amfi).Reliance MF remains the country's largest fund house with AUM increasing to Rs 67,597.65 crore in August from Rs 66,420.03 crore in July.ICICI Prudential MF is at the second rank with an AUM of Rs 50,611.89 crore in August, up from Rs 48,688.55 crore in July.UTI MF witnessed a dip in AUM to Rs 41,698.56 crore in August from Rs 42,574.60 crore in July.Analysts believe the decline in AUM may be due to redemptions by investors on concerns of a market meltdown and utilisation of cash pile of mutual funds for making purchases in the bearish markets.Mutual funds made net purchases of Rs 4,093.90 crore in August. In sharp contrast, foreign institutional investors were net sellers of aroud Rs 7,770 crore in August.
