The mutual funds (MF) in India have attracted huge investments as the combined average assets under management (AAUM) of 39 fund houses stood at Rs 6,87,559.54 crore at the end of the August month. Corporates showed renewed interests in the professionally managed vehicle of investment on the back of easing liquidity situation which is evident as the average AUM of mutual fund houses after the two consecutive months of decline rose by 3.30% or by Rs 21,992 crore in August.
The mutual fund industry, which was witnessing a decline in their asset base for two months on account of withdrawal by corporate and banks, has seen many banks parking lots of money into the MF schemes thereby increasing their assets base. As most fund houses saw their AUMs rising in the month of August, around 10 funds out of the 39 fund houses observed a decline which included HSBC MF, Fortis MF, LIC MF and IDFC MF.
Meanwhile, India's top two fund houses, Reliance MF and HDFC MF, saw a surge of Rs 2,332 crore, or 2.28% and Rs 5,550 or over 6%, respectively, to their average assets. In the August month the average AUM for Reliance MF was at around Rs 1.04 lakh crore whereas that for HDFC MF was about Rs 90,179 crore.
