Funds, Ulips feel the heat

Top-5 MFs` AUMs dip by Rs 14,800 cr in June A sharp fall in the equity market and tight liquidity condition have taken their toll on the the mutual fund industry's average assets under management (AUMs), with the top-five funds losing about Rs 14,800 crore in June. Reliance Mutual Fund, the country's largest fund house, saw its average AUM plummeting nearly 8 per cent, or by Rs 7,617 crore, in the month under review. AUMs of HDFC Mutual Fund and UTI MF also fell sharply by 6 to 7 per cent, while ICICI Prudential's AUM rose marginally by 0.7 per cent to Rs 59,474 crore. The total AUMs of the mutual fund industry in June (excluding those of Taurus Mutual Fund and ING Mutual Fund) were Rs 5,56,103.17 crore, according to data from Association of Mutual Funds in India (Amfi). Fund house sources attributed the fall in AUMs to... [read full story]