The average assets under management of mutual funds has seen a marginal growth in July compared to the previous month.
Mahendra Jajoo, head fixed income and structured product at Tata Mutual Fund said: “The assets have increased as banks have deployed cash in funds during the last fortnight, which they had taken out in June to show higher capital adequecy ration in their quarterly results. Also, the rise in market value has brought appreciation in mutual fund assets.”
As per the Association of Mutual Funds in India (Amfi), the largest mutual fund, Reliance Mutual Fund, has shown a flat growth in its AUM to Rs 108334.38 crore. HDFC Mutual Fund, the second largest fund house, has seen growth of 6.6 per cent at Rs 83366.10 crore, compared to last month's AUM of Rs 78197.90 crore.
ICICI Prudential's AUM increased by 4.5 per cent at Rs 73328.55 crore, while Birla Sunlife Mutual Fund saw growth of 1.8 per cent at Rs 57331.78 crore
UTI Mutual Fund, however, saw a drop in AUM by 1 per cent to Rs 67251.89 crore.