Assets under management (AUM) plunged by 5.92% to Rs 5.64 lakh crore in June 2008 compared with Rs 6 lakh crore in May 2008. AUM of fund of funds (FoFs) was Rs 1260.75 crore in June 2008. The fall was attributed to the meltdown in the stock market and the slow growth in the fixed income schemes due to advance tax payment by the corporates at the end of June.
Of the 33 mutual funds 28 registered a fall in AUM in June 2008 over May 2008 and rest 5 showed a rise in their AUM. There were 17 fund houses with AUM above Rs 10000 crore. Sixteen of them had a net outflow in June 2008 compared with May 2008 except ICICI Prudential Mutual Fund who had a net inflow of Rs 413.56 crore.
The top three funds witnessing a fall in the AUM included IDFC Mutual Fund (erstwhile Standard Chartered Mutual Fund) (18.44%), AIG Global Investment Group Mutual Fund (16.62%) and PRINCIPAL Mutual Fund (15.00%). Reliance Mutual Fund continued its run as the largest fund house with Rs 90813.45 crore of AUM in June 2008 a fall of 7.74% over May 2008. It registered net outflow of Rs 7617.48 crore in June 2008 over May 2008. AUM of ICICI Prudential Mutual Fund was at Rs 59473.58 crore in June 2008 a nominal rise of 0.70% in AUM over May 2008 continued to be at the second position.
HDFC Mutual Fund retained its third position with an AUM of Rs 52710.80 crore a decline of 6.05% over May 2008. It is followed by the public sector UTI Mutual Fund who continued at fourth position with an AUM of Rs 50770.56 crore a plunge of 7.1% over May 2008.
The other top mutual funds, in terms of AUM, were Birla Sun Life Mutual Fund (Rs 41075.23 crore), SBI Mutual Fund (Rs 30132.40 crore) and Franklin Templeton Mutual Fund (Rs 24742.06 crore) in June 2008. The assets of Birla Sun Life Mutual Fund declined marginally by 0.8% in June 2008 whereas Franklin Templeton Mutual Fund plunged by 11.61%.
Reliance Mutual Fund recorded the highest outflow of Rs 7617.48 crore in June 2008 followed by UTI Mutual Fund with a net outflow of Rs 3881.12 crore. Occupying the third and fourth slots, HDFC Mutual Fund and Franklin Templeton Mutual Fund recorded the highest outflow Rs 3396.49 crore and Rs 3248.81 crore, respectively.
ICICI Prudential Mutual Fund recorded the second highest net inflow of Rs 413.56 crore in June 2008, after ABN AMRO Mutual Fund, which secured its top position with an inflow of Rs 866.41 crore, followed by Mirae Mutual Fund and DBS Chola Mutual Fund, with a net inflow of Rs 276.27 crore and Rs 87.89 crore, respectively.
Smaller players with AUM less than Rs 1000 crore comprised BOB Mutual Fund (Rs 59.53 crore), Quantum Mutual Fund (Rs 66.61 crore), Escorts Mutual Fund (Rs 162.46 crore), Sahara Mutual Fund (Rs 176 crore) and Taurus Mutual Fund (Rs 298.96 crore).
| AUM of mutual fund in June 2008* |
| MUTUAL FUND NAME | AUM (Rs CR) June 2008 | AUM (Rs CR) May 2008** | CHANGE (RS CR) | VAR (%) |
| ABN AMRO MF | 6791 | 5924.59 | 866.41 | 14.62 |
| AIG Global Investment Group MF | 3808.87 | 4568.09 | -759.22 | -16.62 |
| Benchmark MF | 2641.8 | 2802.41 | -160.61 | -5.73 |
| BirlaSunLifeMutualFund | 41075.23 | 41423.42 | -348.19 | -0.84 |
| BOB Mutual Fund | 59.53 | 67.76 | -8.23 | -12.15 |
| Canara Robeco Mutual Fund | 3932.75 | 4204.17 | -271.42 | -6.46 |
| Chola Mutual Fund | 1940.78 | 1852.89 | 87.89 | 4.74 |
| Deutsche Mutual Fund | 11037.37 | 12405.31 | -1367.94 | -11.03 |
| DSP Merrill Lynch Mutual Fund | 20540.41 | 21559.62 | -1019.21 | -4.73 |
| Escorts Mutual Fund | 162.46 | 170.65 | -8.19 | -4.80 |
| Fidelity Mutual Fund | 8104.34 | 8879.73 | -775.39 | -8.73 |
| Franklin Templeton Mutual Fund | 24742.06 | 27990.87 | -3248.81 | -11.61 |
| HDFC Mutual Fund | 52710.8 | 56107.29 | -3396.49 | -6.05 |
| HSBC Mutual Fund | 17357.3 | 18472.23 | -1114.93 | -6.04 |
| ICICI Prudential Mutual Fund | 59473.58 | 59060.02 | 413.56 | 0.70 |
| IDFC Mutual Fund** | 11641.28 | 14272.91 | -2631.63 | -18.44 |
| ING Vysya Mutual Fund | 8496.1 | 9160.79 | -664.69 | -7.26 |
| JM Financial Mutual Fund | 11655.15 |
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