Mutual fund assets grow 12% in April

Data released by 31 mutual fund houses for April show a 12% increase in cumulative assets under management (AUM) to Rs 3,39,247 crore. Of them, 26 houses have seen an increase in AUMs. Those who are yet to declare their numbers include some of the leading names like ICICI Prudential, Birla Sun Life, and UTI MF.

According to industry sources, lots of institutional funds, especially those of banks, have flowed into fixed income schemes of MFs.

According to the data released by RBI, banks had an outstanding investment of over Rs 85,000 crore in MFs as on April 10, 2009 against Rs 45,134 crore as on March 27, 2009. The corresponding figures for the past year stand at Rs 50,950 crore and Rs 18,692 crore, respectively.

India���s largest asset management company in terms of AUM, Reliance Mutual Fund, has clocked a 9% rise in its corpus to Rs 88,388 crore. HDFC, the second-largest fund house of the country, has also shown an impressive performance with over 10% rise in its AUM.

Among smaller fund houses, those which have seen a significant rise in assets include Baroda Pioneer (66%), Taurus (65%) and DBS Cholamandalam (57%).