Assets under management of the mutual fund industry
in the country rose to Rs4,86,513 crore as of end-July,
up 21.5 per cent from Rs4,00,333 crore a month ago -
adding Rs86,180 ($20 billion) to their Rs400,333 crore
sharp increase in assets under management of domestic
mutual funds have been driven by fresh capital raised
through new fund offerings (NFOs) as well as a sharp
rally in stock markets, latest data released by the
Association of Mutual Funds in India (AMFI) showed.
Equity Advantage Fund and Franklin Templeton High Group
Companies led the NFO charge. A sharp rally in the stock
market during the month also aided business expansion
of asset base of fund houses.
Mutual Fund remains the country''s largest fund house
with AUM of Rs66, 420.03 crore in July as against Rs59,857.01
crore, up 10 per cent, in June, AMFI said.
ICICI Prudential remained at the second slot, adding
Rs5, 074.8 crore to its AUM in July to the June figure
of Rs48,688.55 crore, while public sector UTI MF ranks
third with assets worth Rs42, 547.60 crore in July.
MF and Franklin Templeton MF had assets under management
of Rs40, 153.47 crore and Rs32,213.84 crore, respectively
July, Reliance MF raised Rs2,700 crore through its new
scheme, Reliance Equity Advantage Fund. Reliance MF''s
president Vikrant Gugnani attributed the fund''s success
to its strategy of rapidly expanding retail presence
Templeton High Growth Companies NFO collected around
Rs1,515 crore in July.
funds have also been sellers in equities with a net
sale of Rs900.60 crore in July even as they bought over
Rs12,800 crore in debt markets.