Business news

Mutual funds become richer by $20 billion

Domestic mutual funds have added over $20 billion in July, driven by fresh capital raised through new fund offerings as well as a sharp rally in stock markets. The total asset under management (AUM) of the country’s fund houses rose to Rs 4,86,513 crore at the end of July, a jump of 21.5 per cent from Rs 4,00,333 crore a month ago, according to the latest data released by the Association of Mutual Funds in India (AMFI).

The cash raised from NFOs such as Reliance Equity Advantage Fund and Franklin Templeton High Group Companies and a sharp rally in the stock market during the month, barring a major one-day fall on July 27, were primary drivers in expanding the asset base of fund houses, the analysts said.

The stock market’s benchmark index, Sensex, achieved its 15,000 peak and gained a total of 886.73 points or 6.04 per cent in the month.

Reliance Mutual Fund maintains its top position as the country’s largest fund house with AUM of Rs 66,420.03 crore in July as against Rs 59,857.01 crore for June, the AMFI data shows.

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