Indian mutual fund industry has witnessed an increase of 8% in its average asset under management (AUM) for the quarter ended 30 September.
During the quarter in which various reform measures were announced by the Securities and Exchange Board of India (Sebi) to improve sentiments among industry players, the sector did not disappoint.
According to Association of Mutual Funds in India (Amfi), average AUM during July-September quarter stood at Rs 7,47,332 crore compared with Rs 6,92,788 crore in the previous quarter. Though it could not be ascertained which category of funds saw the largest inflows throughout the industry, sector's executives said that inflows came in the income category.
Among the top shots, UTI Mutual Fund surprised with a gain of over 16% in its assets during the quarter surpassing its peers in a big way. Though it continues to remain the fifth largest the fund house added close to Rs 10,000 in its assets during the quarter to push its overall AUM to Rs 70,782 crore.
HDFC MF continued the lead with a 5.5% rise in assets at Rs 97,773 crore while Reliance MF grew faster to Rs 86,327 crore, up 7%. ICICI Pru and Birla Sun Life MF added 4.5% and 8.5% in their assets, respectively.
Kotak Mutual Fund emerged as an outperformer among the top ten players. Its average assets grew a massive 19.7% to Rs 30,316 crore. According to Sandesh Kirkire, CEO of Kotak MF, "More money came in the actively-managed fixed income funds. Equity funds did not see inflows."