Direct plans of MFs gain prominence, assets cross Rs 6 lakh crore By STAFF REPORTER Average AUM of direct plans rose to a new high of Rs 6.16 lakh crore, up 15.15 per cent or by Rs 81,052 crore (highest absolute rise in three years) during September quarter. The share of direct plans in overall AUM rose to 38 per cent from 37 per cent in the preceding quarter. The mutual fund industry’s average assets under management (AUM) hit a historic high of Rs 16.11 lakh crore (excluding fund of funds) in the quarter ended September 2016, according to numbers released by the Association of Mutual Funds in India (AMFI). The industry gained a record Rs 1.70 lakh crore or 11.78 per cent during the quarter led by rise in assets of equity and short-maturity debt funds. Of the 43 fund houses (including infrastructure debt funds), which have declared average AUM, only four witnessed a fall. The share of the top five fund houses was unchanged at 57%, while the share of top 10 fell to 80% from 81% in the preceding quarter.