Average AUM for Indian Mutual funds increase 8.68% in Feb. 2009: AMFI

Association of Mutual Funds in IndiaThe average asset under management (AUM) of country's mutual fund industry increased 8.68% from Rs 4,609,489.97 million to Rs 5,009,733.79 million for the month ended Feb 28, 2009.

The data about 35 fund houses published by Association of Mutual Funds in India (AMFI) shows that twenty three fund houses reported growth while 12 reported fall in their assets during the reporting period.

Reliance Mutual Fund posted growth of 7.17 per cent in AUM at Rs 816,270.8 million in February 2009, attaining the top slot among all 35 fund houses. HDFC Mutual Fund witnessed 10.59% increase and attained second position. ICICI Prudential Mutual Fund attained 12.62% rise in their AUM to Rs 535140.76 million, securing third slot among all fund houses.

LIC Mutual Fund saw 29.56% rise in AUM while Religare Mutual Fund saw a 23.99% rise.

CEO Baroda Pioneer AMC, Rajan Krishnan, said, ``February has been a good month for the industry, as far as overall AUMs are concerned, with some of the players witnessing a big growth in their numbers."

Meanwhile, Benchmark Mutual Fund saw 22.47% fall in its AUM followed by Bharti AXA Mutual Fund for the given period.