The total AUMs of equity MFs stood at Rs119,918 crore in January 2009, down by 4.7% from December 2008. On adjusting for the net inflow, the decline stood at 4.6%. This was higher than the market fall of approximately 2.3%.
MF assets rise 9.4% in January: Indian mutual fund (MF) industry's average assets under management (AUM) rose by Rs400 billion in January 2009 to Rs4.62 trillion, a growth of 9.4% over December 2008. This was the highest month-on-month growth for the industry AUM in 15 months. The surge in AUM was driven by significant growth across all debt fund categories—bonds, gilts and liquid funds —which collectively saw the net inflow surge to Rs670 billion in January 2009 compared to Rs11.5 billion in December 2008.
Goldman Sachs defers MF launch in India: Goldman Sachs AMC has deferred its plans to set up mutual fund operations in the country because of unfavourable market conditions. The wholly-owned arm of the Goldman Sachs group is unlikely to launch mutual fund operations here at least in the next year or so.
Lotus India is now Religare MF: Lotus India MF has been taken over by Religare, the financial services arm of the erstwhile Ranbaxy promoters. Accordingly the name Lotus India Mutual Fund (“LIMF”), will be replaced with Religare Mutual Fund (“Religare MF”), wherever it appears in the statement of additional information (SAI) of the mutual fund, offer document(s), scheme information documents (SIDs) and key information memorandums (KIMs) of the scheme(s) of the mutual fund with effect from February 5, 2009.