H1CY24 scorecard: Nippon India Mutual Fund grows fastest among top 10

The mutual fund industry's near double-digit asset growth in the past two quarters was supported by a sharp rise in the assets under management (AUM) of select mutual funds across the size spectrum.

Among the top 10 fund houses by AUM, Nippon India Mutual Fund registered the highest AUM growth at 28 per cent in the past two quarters. Its average AUM in the quarter ending June stood at Rs 4.8 trillion compared to Rs 3.8 trillion in the quarter ending December 2023, according to data from the Association of Mutual Funds in India (Amfi).

HDFC and ICICI Prudential were the other two fund houses in the top 10 that registered over 20 per cent growth during the same period.

 

Among fund houses with over Rs 50,000 crore AUM, Quant MF stood out with nearly 100 per cent AUM growth. It managed to double the assets in the previous quarter at Rs 81,204 crore than in the December 2023 quarter.

Overall, the AUM of the MF industry grew 9 per cent to Rs 59 trillion in the June quarter. This was the second consecutive quarter of strong growth supported by the rally in the equity market and robust inflows through the systematic investment plan (SIP) route, as well as lump sums.

LIC MF appoints Nikhil Rungta Co-CIO equity

LIC Mutual Fund appointed Nikhil Rungta as Co-Chief Investment Officer – Equity (Co-CIO) of the fund house.  Rungta, who has over 16 years of experience in the equity market, was previously equity fund manager at SBI Pension Funds, LIC MF said in a release. The fund house managed an average of Rs 31,761 crore in the June quarter across 14 equity, 9 debt and 16 hybrid, solution oriented and passive funds.