Improved market conditions and the overall positive sentiment seems to have rubbed off on the mutual fund (MF) industry as it continued to witness a rise in the asset under management (AUM). The overall AUM size of around 29 of the 37 mutual funds in the country has seen its number jump by 8.60% in August 2008, over the previous month.
The aggregate AUM numbers of 29 fund houses, as declared by the Association of Mutual Funds in India (Amfi) stood at Rs 4,97,431.13 crore in August surging by Rs 39,383.12 crore or 8.60% compared to Rs 4,58,048.00 crore in July.
Speaking to FE, Valueresearch online CEO Dhirendra Kumar said, ?The equity markets have gown up by 3-4% and it is the only major reason for the improving AUM numbers for the month of August. Apart from that, good amount of inflows have been seen in equity as well as debt schemes in the last month.?
Out of 29 fund houses nine fund houses registered negative growth while other ended with gains. Some of the big fund houses like HDFC, Birla Sun Life, UTI and LIC MF witnessed decent amount of rise in their AUM numbers for August.
HDFC MF?s AUM for the month of August stood at Rs 93,874.19 crore gaining Rs 10,508.08 crore or 12.60% compared to Rs 83,366.10 crore in July. AUM of UTI MF was at Rs 73,925.89 crore for August up by 6,674 crore or 9.92% compared to Rs 67,251.89 crore in July. Even the LIC MF saw a more than 20% growth in the AUM numbers.