UTI Redemptions Top Rs 872 Cr In Dec 02

Mumbai, January 21: | Updated: Jan 22 2003, 05:30am hrs
Redemptions in the Unit Trust Of Indias (UTI) schemes at Rs 872 crore were higher than its sales in December 2002 as per figures released by the Association of Mutual Funds in India (Amfi).

Sales in December for the largest mutual fund (MF) player were at Rs 460 crore, while assets under management (AUM) stood at Rs 45,899 crore, Amfi said in its monthly statistics released on Tuesday.

The total assets under management of the MFs were at Rs 1,22,600, for the period under review as against Rs 1,01,822 in December 2001, Amfi said. The cumulative redemptions and sales during April to December 2002 stood at Rs 1,98,190 crore and Rs 2,13,609 crore respectively, it added.

Asset management companies launched four new schemes in December and garnered Rs 11,57 crore. HSBC launched the HSBC Income Fund and the HSBC Institutional Income Fund in the open-ended income category and HSBC Equity Fund launched under the open-ended growth category. The HSBC Cash Fund was also launched in the open-ended liquid category, Amfi data said.

MFs recorded sales to the tune of Rs 1,832 crore while redemptions were lower at Rs 1,508 crore.

Private-sector Indian MFs garnered higher redemptions at Rs 8,162 crore while sales in the month of December stood at Rs 7,980 crore. Bank-sponsored MFs recorded higher sales at Rs 1,242 crore while redemptions stood at Rs 1,040 crore for the month of December. Among the predominantly Indian joint ventures, sales and redemptions stood at Rs 7,583 crore and Rs 7,722 crore respectively.