Improved market conditions in July led the Indian mutual fund (MF) industry to continue its growth in asset under management (AUM) for July.
According to the data provided by the Association of Mutual Fund in India (Amfi) on Monday, total AUM of 32 fund houses out of 38 fund houses stood at Rs 6,47,070.81crores in July gaining Rs 18,108.84 crores or 2.88% compared to Rs 6,28,961.96 crores in June. AUM details of six fund houses were not announced.
AUM for July for the country largest fund house Reliance MF almost remained flat at Rs 1,08,334.38 up by Rs 2 crores compared to June which was at Rs 1,08,332.36 crores.
A senior official from the leading broking house said, ?We can attribute this surge in the monthly AUM only to the improve market condition in the last few month. Apart from that, we also feel that, equity schemes have seen some fresh amount of inflows in the month of July.?
Out of 32 fund house, nine fund house saw dip in their AUM for the moth of July. While small fund house like Edelweiss MF saw growth of over 51% in July and Tauras MF witnessed a surge of over 15% in its AUM for the month of July. HDFC MF saw its July AUM at Rs 83,366.10 gaining Rs 5,168.20 crores or 6.61% compared to Rs 78,197.90 crores. While UTI MF witnessed a dip of Rs 726.29 crores or 1.07% to Rs 67,251.89 crores in July compare to Rs 67,978.18 crores in June.