Mutual fund assets down 6.9% in Nov | india | Hindustan Times
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Mutual fund assets down 6.9% in Nov

india Updated: Dec 02, 2008 21:12 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Assets under management (AUM) of mutual fund companies eroded by 6.9 per cent in November. Only two fund houses — UTI and Tata — witnessed a growth in their AUM.

The total asset under management of the industry stands slightly above Rs 400,000 crore.

“I think there is a flight to safety and quality and investors are investing based on the size and quality of fund house and the quality of portfolio,” said Jaideep Bhattacharya, chief marketing officer, UTI AMC.

ICICI Prudential Asset Management slipped to the fourth spot in terms of the size of AUM and UTI replaced it for the third spot. ICICI Prudential has slipped from second to fourth since July 2008.

Mirae Asset Management was the biggest loser as it lost almost 70 per cent of its assets under management in just one month and its average AUM stood at Rs 1,004 crore against Rs 3090 crore that it held in the month of October. Taurus Mutual fund lost 34 per cent and ING mutual fund lost 21 per cent.