Unit Trust of India (UTI) has witnessed a decline of Rs 1,682.97 crore in the totals assets under management (AUM) in the last six months ended June 2002.
As per the unaudited accounts announced by the trust for 63 schemes, the total assets as on June 30 stood at Rs 37,621.35 crore compared with Rs 39,304.32 crore on December 31, 2001.
The fall in net AUM is owing to a combination of fall in the market value of investments and redemption of some of its monthly income plans (MIPs) in the last six months.
UTI's G-Sec fund witnessed possibly one of the largest falls in assets in the last six months. The total net assets under the scheme stood at Rs 305.97 on June 2002 compared with Rs 507.86 crore in December 2001, a fall of almost 39.75 per cent.
On other hand, the Petro Fund witnessed an inflow, with assets under management rising to Rs 41.28 crore on June 2002 compared with Rs 19.94 crore in December 2001.
Market analysts said this is this mainly on account of divestment of some of public sector refinery stocks and deregulating of petroleum sector from April 1, 2002.
Meanwhile, UTI's all 14 monthly income plans (MIPs) continued to witness an erosion in assets. The MIP-98 (II) witnessed the biggest drop in net total assets. The assets under the scheme slipped by almost 19.08 per cent to Rs 530.53 crore in the last six months. The MIP-98 (V) witnessed a drop of 9.15 per cent fall assets to Rs 729.2 crore.
Among UTI's other schemes, Children Gift Growth fund '86 witnessed a fall of 27.59 per cent fall in assets to Rs 1878.45 crore in the past six months. However, its Children's Career Plan witnessed inflow, with assets under management rising to Rs 863.32 crore compared with Rs 795.56 crore as on December 31, 2001.
The index plans were affected by volatility in the market. Master Index fund 1998 witnessed an erosion of around 2.94 per cent to Rs 264.45 crore.
In the last 12 months, the fund witnessed an inflow of 30.72 per cent and the net assets under management under scheme stood at Rs 202.29 crore. The Nifty Index funds too witnessed increase of 6.33 per cent rise in net assets to Rs 120.51 crore in the last six months.
