MFs? assets decline in Feb

The average assets under management of the mutual fund industry has taken a hit in February, compared to the previous month, due to the advance tax payment and the market volatility.

Written by Markets Bureau

March 5, 2008 00:21 IST

The average assets under management (AUM) of the mutual fund industry has taken a hit in February, compared to the previous month, due to the advance tax payment and the market volatility.

According to the data released by Association of Mutual Funds in India (Amfi), the industry AUM dipped by 0.93% or Rs 5,307 crore to Rs 5,65,469 crore. However, Reliance Mutual Fund has retained its top position as its AUM jumped by 11.47% or Rs 9,626.29 crore to Rs 93,531.68 crore.

Similarly, the AUM of ICICI Prudential MF ranked second as it gained 3.8% or Rs 2,168 crore to touch Rs 59,277.65 crore.

UTI MF could maintained status quo at the third rank inspite of its AUM dipping by 7.76% or Rs 4,413.45 crore to Rs 52,464.71 crore as the AUM of the fourth major player HDFC MF dipped by 6.56% or Rs 3,252 crore to Rs 46,291 crore.

This article was first uploaded on March five, twenty eight, at twenty-one minutes past twelve in the am.