Reaching its lowest level in above 2 years, the average asset under management (AUM) of the entire Indian mutual fund industry dipped to Rs. 6,64,824 crore at the close of the past financial year, ended March 31, 2011.
The decline of 5% in the last financial year followed a decline of 11% in the previous financial year 2010-11, when the the total average AUM had dipped to near Rs. 7,00,000 crore.
As per the data compiled by the Indian MF industry body, the Association of Mutual Funds in India (AMFI), HDFC Mutual Fund retained its pole position as the country's biggest MF with an average AUM of Rs. 89,879 crore, followed by Reliance MF (Rs. 78,112 crore), ICICI Prudential MF (Rs. 68,718 crore), Birla Sunlife MF (Rs. 61,143 crore) and UTI MF (Rs. 58,922 crore).
While HDFC MF is the country's biggest mutual fund, Reliance Capital Asset Management is the the largest and most profitable AMC in India.
During the financial year 2011-12, the total number of retail folios or the number of investor accounts across all the 44 fund houses also declined by nearly 15 lakh.
Their total asset size has declined to a level last seen in July 2010, while it has dropped nearly 17% from the all-time record high of Rs. 8,00,000 crore in May 2010.
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