Gaining heft

Few red marks in pvt mutual funds' 25-year scorecard

Twenty-five years after mutual funds were opened up to the private sector, the asset class has emerged as an important investment avenue, providing Indians an alternative to direct equities. Today, the industry manages assets of more than Rs 23 trillion, accounting for a fifth of all bank deposits. A decade ago, mutual funds took up barely a tenth of bank deposits. The net asset value of the oldest equity mutual fund scheme today — UTI Mastershare — has grown at a compound annual growth rate (CAGR) of 18 per cent since its launch in 1986, compared to the 14 per