The mutual fund (MF) industry recorded a 6.4 per cent quarter-on-quarter growth in the average assets under management (AAUM) during the first quarter (April-June) of the current financial year (2023–24) as a bull run in the equity market pushed up the value of the underlying assets.
The growth was the highest in seven quarters and helped drive AAUM for the industry above the Rs. 43 trillion mark. In the preceding five quarters, the average sequential growth in AAUM was just 1.2 per cent.
The largest fund house, SBI MF, witnessed a 6.3 per cent (Rs. 45,187 crore) rise in its AAUM to Rs. 7.6 trillion during the June quarter.