Mutual fund industry sees tepid growth in the September quarter

The mutual fund (MF) industry saw tepid growth in the September quarter, with a marginal improvement of 0.7 per cent in average assets under management (AAUM) over the previous quarter. Smaller fund houses continued to see a significant reduction in assets. Indiabulls MF saw its average asset size shrink 50 per cent; PGIM India MF and IDBI MF saw around 20 per cent reduction.

In absolute terms, Nippon India MF (formerly Reliance Nippon Life AMC) saw its asset size decline by Rs 19,926 crore. Other MFs, which witnessed most contraction in absolute terms were L&T