The show was stolen by players like Lotus India, Taurus, ING Vysya and ABN Amro, which reported a 20-80 per cent growth in their wealth during the month.
NEW DELHI: It's not only the big names that are thriving upon investors' growing preference for mutual funds as the industry minnows have outpaced even the country's top five players in terms of growth in assets.
While the collective asset of fund houses in the country surpassed Rs 3.5 lakh crore mark, adding over Rs 24,000 crore in April, the show was stolen by players like Lotus India Mutual Fund, Taurus, ING Vysya and ABN Amro, which reported a 20-80 per cent growth in their wealth during the month.
In comparison, the top five fund houses, including Reliance, ICICI Prudential and Franklin Templeton recorded less than 12 per cent rise in their assets under management (AUMs).
While a lower base is the major factor behind better growth rates for small players, the analysts believe this should not take the credit away for the success their new fund offerings have met.
Besides, some of the well-known names, including the one-time leader of the market UTI MF, registered a decline in their assets, losing the share to new entrants like Lotus India and Taurus.
"The fund houses are growing on a smaller base, that's why a modest increase also shows a huge growth in percentage terms," mutual fund tracking firm Value Research Online CEO Dhirendra Kumar said.
"Smaller mutual funds had launched a slew of NFOs (New Fund Offerings) during the first month of the current fiscal which have led to huge surge in their AUM, said Ashish Kapur of Invest Shoppe, a mutual fund distributor.
The base effect was also being reflected on the AUM number, he added.
However, the market leader Reliance MF retained its position as the largest fund house with a growth of 5.44 per cent, while its closest rival ICICI Prudential clocked a 11.6 per cent jump in assets.
Among the other top five players, Franklin Templeton and HDFC MFs gained 11.31 and 11 per cent respectively.
In comparison, the public sector giant UTI MF's AUM fell by Rs 66 crore (0.2 per cent) in the month, while those of LIC MF, Tata MF, Birla MF and DSP Merrill Lynch dropped by 2-6 per cent.
Interestingly, the new entrant Lotus India's AUM crossed Rs 2,000 crore, rising from Rs 1,171.86 crore as on March 31 to Rs 2,086.79 crore at the end of April, a 78 per cent increase, making it one of the fastest growing fund houses in the period.
The collective AUM of all the 30 fund houses soared to a record high of Rs 3,50,441 crore at the end of April, breaching the Rs 3.5 lakh crore level for the first time, according to the latest figures released by Association of Mutual Funds in India.
"The total assets of the fund houses have primarily swelled based on debt and fixed maturity plans and few equity schemes too," Kumar said.
The combined AUM of the fund houses rose by over Rs 24,017 crore during the month to a total of Rs 3,50,441 crore in April as against Rs 3,26,425 crore in March.
Reliance MF's AUM swelled to Rs 48,828 crore in April, gaining Rs 2,521 crore from Rs 46,307 crore in March, ICICI Prudential MF maintained its second position by grwoing to Rs 42,268 crore, while UTI MF was at the third slot with assets of Rs 35,517 crore.
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