Assets under management (AUM) of domestic mutual funds (MFs) in 2016-17 rose 36 per cent to Rs 18.35 lakh crore, from Rs 13.46 lakh crore in 2015-16. Around 15 of the 42 asset management companies (AMCs) managed to grow at a faster clip. Among the top 15 fund houses, DSP BlackRock MF (AUM rose 62 per cent in 2016-17), Kotak Mahindra MF (57 per cent), Axis MF (53 per cent) and L&T MF (51 per cent) saw fastest growth.
In FY17, with the exemption of DHFL Pramerica MF, most of the top 15 fund houses clocked a double-digit growth in their average AUM, data from the Association of Mutual Funds in India (Amfi) show.
Overall, most of the top fund houses continued to grow bigger. The sector added assets to the tune of Rs 4.88 lakh crore. Of which nearly 93 per cent, or Rs 4.5 lakh crore, was garnered by the top 15 fund houses. ICICI Prudential MF has added Rs 67,180 crore, the most in terms of absolute assets. In the process, it edged past HDFC MF to become the largest fund house during the course of financial year 2017. HDFC MF, Reliance MF and Birla Sun Life MF have also seen significant addition in assets.
Overall, Edelweiss MF grew its asset base the most in percentage terms (312 per cent), thanks to its acquisition of JPMorgan MF. The fund house now manages assets worth Rs 7,000 crore, compared to Rs 1,700 crore at the end of FY16. Assets of Mirae Asset MF and Indiabulls MF also grew over 100 per cent.
Among the losers were JM Financial MF and Taurus MF, as their assets shrunk Rs 2,493 crore and Rs 2,073 crore, respectively.