Mutual Funds see Rs10,000 crore outflows in June
07 Jul 2006
The market decline, which started in May, has finally taken its toll on the mutual fund industry. The industry saw a net fund outflow of more than Rs10,000 crore during the month of June 2006. Total assets under management for the industry, excluding fund of funds, fell to Rs2,65,871 crore as of end June from Rs2,75,949 crore as of May end.
Prudential ICICI Mutual managed to hang on to its position as the top fund house in the country for the second straight month. Despite erosion in assets under management during June 2006, Pru-ICICI beat UTI Mutual Fund to the top by a very thin margin.
Pru-ICICI lost Rs2,008 crore in assets under management during the month while UTI MF saw net outflows of only Rs436 crore during the month. Other major losers include Reliance MF, Birla Sun Life, DSP Merrill Lynch and Kotak Mahindra.
HDFC MF, Tata MF, Standard Chartered and HSBC MF managed to increase their assets under management during the month.
| Fund | June 2006 | June 2005 | May 2006 |
| Prudential ICICI | 30,143 | 17,042 | 32,151 |
| UTI MF | 30,115 | 16,528 | 30,551 |
| Reliance MF | 26,314 | 9,908 | 27,915 |
| HDFC MF | 24,391 | 15,708 | 23,650 |
| Franklin Templeton | 21,650 | 16,255 | 22,360 |
| Birla Sun Life | 14,610 | 10,027 | 16,991 |
| SBI MF | 13,634 | 7,189 | 13,670 |
| DSP Merrill Lynch | 11,074 | 6,473 | 12,914 |
| Tata MF | 11,159 | 8,714 | 10,464 |
| Kotak Mahindra | 10,326 | 6,263 | 11,818 |
| HSBC | 10,451 | 7,251 | 10,174 |
| Standard Chartered | 9,551 | 7,526 | 8,524 |
| Figures in Rs Crore | Source: AMFI |