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Mutual Funds Wrap: Industry gets a new player in the number one spot

Date: 06-04-2020
Subject: Mutual Funds Wrap: Industry gets a new player in the number one spot
With a growth of 6 percent in average assets under management (AUM) to Rs 3.7 lakh crore, SBI Mutual Fund ruled the roost during January-March, as per the data from the Association of Mutual Funds in India.

SBI Mutual Fund has become the largest asset manager in India, toppling HDFC Mutual during the January-March 2020 quarter.

It was on the third spot in the October-December 2019 quarter, when its average AUM was Rs 3.5 lakh crore.

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It was followed by ICICI Prudential Mutual Fund at the third spot with average AUM of Rs 3.5 lakh crore. In comparison, during October-December, the fund house’s AUM stood at Rs 3.6 lakh crore.

HDFC MF and ICICI Prudential MF saw a drop of 3.33 percent and 2.98 percent in their average AUM.

Aditya Birla Sun Life Mutual Fund came fourth with its average AUM falling 1 percent to Rs 2.4 lakh crore in January-March quarter.

Besides SBI MF, Nippon India MF also witnessed growth in its average AUM. The average AUM of the fifth largest fund house, grew marginally to 2.04 lakh crore.

Fund officials said that despite volatility in the market, fund houses had managed to garner assets in the last three months of the financial year.

During January-March, while the Sensex fell 28.6 percent, the Nifty dropped 29.3 percent.

Mirae Asset Mutual Fund and IDFC Asset Mutual Fund registered average AUM growth of 78.6 percent and 49.8 percent, respectively.

Overall, AUM grew to Rs 27.02 lakh crore in January-March from Rs 24.4 lakh crore in October-December.

Source:- moneycontrol.com

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