Mutual Fund assets set new record at Rs3.1 lakh crore in October

After shedding over Rs15,500 crore in assets under management during the previous month, the mutual fund industry has done well for the month of October 2006. Helped the sustained stock market rally, total assets - excluding fund of funds – increased to Rs309,830 crore as at the end of the month from Rs2,91,200 crore as of end September.

Total assets under management as at the end of the previous month is a new record for the industry. This is the second time, after August 2006, the mutual fund industry has reported month-end assets of over Rs3 lakh crore.

UTI Mutual retained the top spot and saw the biggest monthly rise in assets. Total assets of UTI went up Rs3,035 crore during the month to its highest ever at Rs37,790 crore. Prudential ICICI retained the second spot with an increase of Rs2,454 crore in assets to Rs32,664 crore. Reliance MF added Rs2,924 crore to its assets and has moved closer to Prudential ICICI.