A number of new players are entering the mutual fund field each year. Only recently, capital market regulator SEBI gave its green signal to fvarious inancial houses to operate MF business.
Total assets under management (AUM) of 41 fund houses in the country rose to Rs 7,00,538 crore during 2011-2012, according to AMFI data. During end of March 2011, the AUM of the largest MF in India, Reliance MF stood at Rs 1,01,576.60 crore.
This was followed by HDFC MF whose average assets was Rs 86,282.24 and ICICI Prudential MF with an AUM of Rs 73,466.10 crore.Besides, UTI MF's assets stood at Rs 67,188.82 crore and Birla Sun Life at Rs 63,696.2 crore in end-March, 2011.
The total AUM of the remaining 36 fund houses currently stands at about Rs 3.09 lakh crore. The MF industry, which is facing withdrawal pressure, saw their asset base dwindle over the last year, 2011 to 2012. The average AUMs of the industry declined by over 6 per cent in this period.