The average assets under management (AUM) for the domestic mutual fund (MF) industry grew 5.4% year-on-year to Rs 40.2 trillion for the quarter ended December, according to the latest data by the Association of Mutual Funds in India.
The growth in assets was primarily due to incremental flows into equity schemes, driven by monthly systematic investment plans of Rs 12,000-13,000 crore.
Also Read: The small-city push to AUM
SBI MF and Mirae MF clocked the fastest growth among large AMCs. The former now has assets of over Rs 7 trillion and has widened the lead over ICICI MF and HDFC MF, ranked number two and three, respectively, with assets of over Rs 4 trillion each. Mirae’s assets have grown 15.7% to Rs 1.15 trillion in the past year.
Also Read: WEALTH CREATION: A multi-asset strategy is the best bet
HDFC MF, Axis MF, IDFC MF and Aditya Birla Sun Life MF were among the top 10 asset managers that clocked a negative growth during the year, with the last two seeing a de-growth of around 5%. Mid-sized MFs that saw a decent growth include Canara Robeco MF, whose assets grew 34% to Rs 60,547 crore, and Edelweiss MF, which grew 32% to Rs 93,165 crore at the end of December 2022. Among small fund houses, Quant MF saw the highest growth of 221% to Rs 15,013 crore.