Stock markets might have disappointed retail investors as it just rose by 9 per cent in 2013 but for mutual funds (MF) 2013 turned out to be a better year. The assets managed by MFs, jumped by nearly 11 per cent or Rs 85,000 crore to Rs 8.78 lakh crore in 2013, with HDFC MF retaining its top position.
The country’s 44 fund houses together had an average asset under management (AUM) of Rs 7,93,331 crore at the end of 2012, which increased to Rs 8,77,973 crore in 2013, as per latest data available with industry body AMFI (Association of Mutual Funds in India).
Fund houses are upbeat about an even better performance in 2014 on account of various measures initiated by Sebi as well as plans of individual players to expand the distribution network across the country, particularly to smaller cities.