Reliance Mutual Fund assets drop over Rs 15,000 cr in Oct
Popular mutual funds suffered a sharp decline in their assets under management. MF: Sale/buy in October | Other data: In last Quarter | More on MF investments
By PTI |
NEW DELHI: Country's popular mutual funds including Reliance MF and SBI MF suffered a sharp decline in their assets under management, amid the upheaval in the equity markets in October.
Reliance Mutual Fund has suffered the most with its assets under management falling by Rs 15,400.75 crore to Rs 71,093.70 crore at the end of October.
State-run SBI MF saw its average Asset Under Managemnet (AUM) drop by Rs 4,500 crore to Rs 24,727crore in October, latest data available on the Association of Mutual Funds in India (AMFI) website shows.
According to fund managers, plunge in the stock market and huge redemptions in liquid schemes by corporates and banks has led to the sharp decline in assets of fund houses.
"The sharp fall of about 25 per cent in valuations of stocks in the secondary market and redemptions in equity as well as liquid schemes and lack of any fresh inflows has led to the decline in the assets under management in the past month, " Taurus Mutual Fund director R K Gupta said.
ADVERTISEMENT
Other funds houses which witnessed a sharp decline in their AUM include IDFC MF which lost Rs 1,616 crore, LIC MF (Rs 2,982 crore), Canara Rebeco (Rs 2,021 crore) and Fidelity MF saw a drop of Rs 1,218 crore. Meanwhile, ABN Amro defied trend with its average assets under management increasing Rs 1,839 crore to Rs 8,965 crore.
Besides, Edelweiss MF, Morgan Stanley, JP Morgan, JM Financial, DSP Merrill Lynch and DBS Cholamandalam also witnessed a sharp fall in their assets at the end of October.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
