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MFs track stocks to log 51% growth

business Updated: Apr 02, 2010 20:29 IST
HT Correspondent

What’s good for the goose is evidently good for the gander.

If the equity markets revived handsomely in 2009-10, can the mutual funds be far behind? The average assets under management (AUM) for the industry as a whole rose by 51 per cent to Rs 745,422 crore at the end of March, 2010, from Rs 493,634 crore in March 2009.

Month-on-month, however, the AUM showed a decline of Rs 37,466 crore, on account of withdrawals by banks and corporates ahead of their financial year closing in March.

In the last 12 months, the top fund houses in terms of assets under management were the biggest gainers in the rise. While the industry AUM grew

Rs 251,787 crore in the period, it was UTI Mutual Fund that grew the maximum, followed by HDFC Mutual Fund, ICICI Prudential and Reliance Mutual Fund respectively.

“As the regulations changed, we came close to our investors and distributors, and as a result saw more fresh investments coming to us,” said Jaideep Bhattacharya, chief marketing officer, UTI Mutual Fund.

“Also we have been advertising existing schemes and inflows have increased.”

While all fund houses gained on AUM, there were three foreign mutual funds — HSBC, ING and AIG — that saw their funds under management decline in the 12-month period.