Mutual funds reach Rs8 lakh crore in asset management growth
03 Dec 2009
The mutual fund industry hits another milestone, crossing Rs8,00,000 crore in assets under management for the month of November.
The average asset under management figure stands at Rs8.07 lakh crore, which is about a 6 per cent jump from October last year, says a CNBC-TV18 report.
It has been a good year for the industry, from Rs 6 lakh crore in May to Rs 7 lakh crore in August and now 8 lakh crore in November.
It is also interesting to see that HDFC Mutual Fund, which is the second largest player in the industry, has joined Reliance Mutual Fund in crossing the Rs1,00,000 crore mark of assets under management.
The other top five mutual fund players have also had reasonable gains in their assets under management. While the Sensex was up about 6 per cent through the month of November, experts feel this is not one of the key drivers of the growth in assets under management, and there are many other factors.
Milind Barve, managing director at HDFC AMC, says the equity indices have grown by 6 per cent but the industry has roughly about 25 per cent of assets in equity or equity oriented fund products.
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