Assets under management (AUM) of mutual fund industry continued to decline for the third consecutive month. It has declined 7 per cent in November as compared to its level in October. Total assets currently stood at Rs 4,02,029 crore and it has seen second-highest monthly decline in a month.

All leading fund houses have seen asset decline, excluding UTI and Tata Asset Management. Mirae Asset Management has lost more than 69% of its AUM so far. CEO of Mirae Asset, Arindam Ghosh said that the company has seen very low investment in the equity funds.

AUM of Taurus, Edelweiss and ING witnessed decline of 34, 38 and 22 per cent respectively.

AUM of Tata and UTI continued to grow at 3.2% and 0.2%. Tata AMC director, Ved Prakash Chaturvedi said that it has performed well in case of fixed income funds while suffered some losses in equity schemes. UTI Asset Management also recorded increase in the fixed income funds. UTI Asset Management CMO, Jaideep Bhattacharya said that most of its equity schemes came through SIP route and the company maintained nearly 70,000 new SIP accounts in the last 45 days. Its AUM stood at Rs 38,358 crore and it has become the third largest fund house displacing ICICI Prudential.