Country's mutual fund industry witnessed a 5.9 per cent drop in its assets in June, buckling under the pressure of the meltdown in the stock market and the slow growth in the fixed income schemes in the month. The combined average assets under management of the 33 fund houses in the country dropped to Rs 5,64,599.28 crore (Rs 5,645.99 billion) at the end of June as compared to Rs 6,00,266.32 crore (Rs 6,002.66 billion) in May, according to data released by the Association of Mutual Funds in India. "The main reasons, which impacted the growth in assets were the advance tax payments by corporates at the end of June, which led to almost no growth in the fixed income schemes, while equity investments were obviously impacted by the fall of about 18 per cent in the Sensex," mutual fund tracking firm Value Research Online CEO...
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