Mutual fund assets jump 7% in April

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Monday , May 05, 2008 at 1559 hrs With the market staging a gradual recovery, the mutual fund industry recouped as well with its assets growing by Rs 36,584 crore in the past month.

The combined assets under management of all the fund houses soared to Rs 5,65,441.03 crore at the end of April as against Rs 5,28,857.07 crore in the previous month, according to latest data available on the Association of Mutual Funds in India (AMFI).

Experts believe the growth in the mutual fund assets is due to attractive valuations of the stocks after the correction in March.

Reliance Mutual fund, which had also seen its assets fall in the previous month, retained its position as the top fund house in the country.

However at the end of April, there was a jump of Rs 5,448.46 crore in the AUM of Reliance MF which stood at Rs 96,386.40 crore compared to previous month's Rs 90,937.94 crore.

ICICI Prudential follows at the second position with its assets growing by Rs 1,386 crore to Rs 55,708.52 crore in April.

Assets of state-run UTI MF increased to Rs 52,549.40 crore in April and it continues to be at the third place amongst the fund houses.

Among the top five mutual funds HDFCMF and Franklin Templeton's AUMs also increased to Rs 51,770.81 crore and Rs 28, 631.63 crore, respectively.

However, Reliance MF, which was aiming to become the first fund house in the country to cross the Rs one trillion mark in assets under management, fell short by less than Rs 4,000 crore. Prior to the release of AUM figures, media reports had said Reliance MF had achieved the Rs 1 trillion mark in AUM in the last month.