Assets of ICICI MF and HDFC MF cross Rs 2 lakh crore
Industry heavyweights ICICI Prudential Mutual Fund and HDFC Mutual Fund surpassed the Rs 2 lakh crore mark for the first time at the end of the September quarter. ICICI Prudential Mutual Fund retained leadership position, with a gain of 11.74 per cent or Rs 22,700 crore to Rs 2.16 lakh crore. HDFC Mutual Fund remained at second slot with a rise of 10.54 per cent or Rs 20,300 crore to Rs 2.13 lakh crore. Reliance Mutual Fund maintained third position with Rs 1.83 lakh crore, up 9.65 per cent or by Rs 16,100 crore. Assets of ICICI Prudential Mutual Fund, HDFC Mutual Fund and Birla Sun Life Mutual Fund rose the highest in absolute terms. Mahindra Mutual Fund was the latest entrant in the industry with over Rs 900 crore AUM 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.