MF assets grow 3%, HDFC overtakes ICICIThe mutual fund industry has observed almost 3 percent growth in its asset under management in August, whereas HDFC MF moved ahead of ICICI Prudential to become the second largest fund house in India.
02 Sep 2008
The mutual fund industry saw a 3 percent growth in its asset under management in August 2008. HDFC MF moved ahead of ICICI Prudential to become the second largest fund house in India.
As per the data from the Association of Mutual Funds in India, the combined average asset under management (AUM) of the 34 fund houses increased from Rs 5,29,629.46 crore in July to Rs 5,44,317.26 crore at the end of August 2008.
Industry analysts opine that the growth in the AUM of mutual funds has been largely because of investors turning their attention more towards fixed maturity plans and liquid schemes.
The asset under management of HDFC MF grew by 3,106.60 crore or 6.12 per cent to Rs 53,858.63 crore, thus replacing ICICI Prudential.
The average AUM of ICICI Prudential fell by Rs 2,067.88 crore or 3.75 per cent from Rs. 55,160.66 crore in July to 53,092.78 crore in August.
The average AUM of Reliance MF grew by Rs 4,052.55 crore or 4.79 per cent from Rs. 84,563.91 crore in July to Rs. 88,616.46 crore at the end of August, thereby retaining the top slot in the industry.