The mutual fund industry witnessed nearly 3 per cent growth in its assets under management over April, with the country's second largest fund house HDFC MF adding over Rs 5,900 crore to it.
The industry's average assets under management (AUM) rose by Rs 20,836 crore or 2.71 per cent during April. The combined average AUM of the 37 fund houses stood at Rs 7,68,361 crore.
Country's top three fund houses -- Reliance MF, HDFC MF and ICICI Pru -- together saw their assets surge by Rs 9,376 crore, with HDFC MF alone accounting for Rs 5,923 crore.
Over April, the largest fund house Reliance MF saw an addition of Rs 1,407 crore to its average assets to Rs 1.12 lakh crore, as per data released by the Association of Mutual Funds in India (AMFI).
At the end of April, HDFC MF's inched closer to the Rs 1 lakh crore mark to stand at Rs 94,702.79 crore.
The third largest fund house ICICI Prudential MF saw its assets rising by Rs 2,046.66 crore to Rs 83,036 crore.
"The amount withdrawn by the corporate and banks at the end of March quarter was ploughed back into debt schemes in April. Although equity products did not see much buying, liquid and fixed income schemes saw investor interest," Taurus Mutual Fund Managing Director RK Gupta said.
However, UTI MF bucked the trend and saw a decline of Rs 761 crore from its assets to Rs 79,457 crore during April.
During April, the BSE Sensex was marginally higher even as the overall street mood was bearish. Analysts said although inflow was not there in equity schemes, debt funds continued to witness investment interest.
Over the month the average assets of Birla Sun Life MF rose by Rs 7,165 crore to Rs 69,509 crore and L&T MF added a Rs 1,614 crore in its AUM to Rs 4,125 crore.
The other fund houses which saw their average AUM rise in April include JP Morgan MF, Edelweiss MF, Franklin Templeton MF and Tata MF.
Of the 37 fund houses in the country, about 12 saw an erosion in its average AUM. This include -- LIC MF whose assets fell by Rs 1,796 crore to Rs 40,508 crore and Kotak Mahindra MF to Rs 33,743 crore, a declined of Rs 938 crore during April.
Others that saw a decline in their assets include Fortis MF, Deutsche MF, Mirae Asset MF and Shinshei MF.
After touching a record AUM of Rs 8 lakh crore last year, industry's average assets fell by 4.13 per cent in January while in February it rose by 3 per cent. Again it eroded by 5 per cent in March on a month-on-month basis.
