Mutual fund assets up Rs 34,500 cr | india | Hindustan Times
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Mutual fund assets up Rs 34,500 cr

Even as investor sentiment remained weak in May, the mutual fund industry saw a rise in its average assets under management (AUM) by Rs 34,500 crore at Rs 805,239 crore.

india Updated: Jun 02, 2010 21:49 IST
HT Correspondent

Even as investor sentiment remained weak in May, the mutual fund industry saw a rise in its average assets under management (AUM) by Rs 34,500 crore at Rs 805,239 crore. The surge was backed by institutional money.

“It is just a liquidity-driven rise since the equity investments have not grown,” said the head of a large fund house who witnessed a surge in his AUM, on conditions of anonymity.

HDFC, Reliance and Kotak Mahindra were the biggest gainers in absolute terms.

The industry, however, played down the growth numbers as the institutional fund is not a long-term fund. “We need to focus on increasing the investor base and rope in long-term funds into equities,” said the head of another fund house.

With the exception of UTI Mutual Fund that saw a Rs 839-crore dip in its average AUM, all players in the top five saw handsome rises in AUM.