Domestic mutual fund assets move up in October

MUMBAI: Average assets under management (AUM) of domestic mutual funds rose marginally in October from the previous month. Total assets under management in October stood at Rs 7,52,209 crore against Rs 7,43,696 crore in September, according to data on the Association of Mutual Funds of India (AMFI) website.

Most top fund houses registered a growth in assets this month. Fund managers said several fund houses sold off their equity assets as markets touched the year���s high earlier this month.

Many mutual funds are sitting on cash, fund managers said, in anticipation of a correction, they said. In fixed-income schemes, fund officials said there have been significant inflows into ultra short-term schemes.

Among leading fund houses, Reliance Mutual Fund���s AUM in October was at Rs 1,16,781 crore compared with Rs 1,18,251 crore in September. HDFC Mutual Fund���s assets during the month rose to Rs 93,316 crore against Rs 90,427 crore in the previous month.

ICICI Prudential Mutual Fund���a assets in October was almost flat over the previous month at Rs 80,524 crore. Birla SunLife Mutual Fund���s assets in the month rose to Rs 65,052 crore against Rs 63,055 crore last month.