With banks pulling out money from mutual funds, assets under management (AUM) for the MF industry fell marginally during the month of December. Some fund houses witnessed outflows from debt as well as equity schemes.
According to the figures provided by the Association of Mutual Funds in India (Amfi) for 37 fund houses, total AUM for December stood at Rs 7,94,486.05 crore, down by Rs 13,060.32 crore or 1.62%, as against Rs 8,07,546.37 crore in November.
Dhirendra Kumar, CEO of Valueresearch Online, said, ?At the end of every quarter, we witness some dip in AUM figures as several banks pull money out of the debt schemes. In December, too, it was the same and some redemption was seen in the equity schemes.?
Several fund houses, including UTI MF, Tata MF, SBI MF, HDFC MF and IDFC MF, have seen a dip in their AUM. The list also includes LIC MF, Kotak Mahindra MF and ICICI Prudential, apart from new entrants and small fund houses like Shinsei MF, Axis MF and Taurus MF also saw some decline in their AUM.
HDFC MF, which crossed the 1-lakh crore mark in November 2009, saw a fall of Rs 5,216.10 crore or 5.09% to Rs 97,183.84 in December from Rs 1,02,399.95 crore in November. Reliance MF saw its December AUM at Rs 1,19,981.78 crore, falling 1.86%, from Rs 1,222,52.42 crore in November. LIC MF, Kotak Mahindra MF and ICICI Prudential on the other hand saw a decent increase in December AUM.