Uncertainity in the financial market has not stopped firms from foraying into the mutual fund space. About a dozen players are currently seeking regulatory clearance from the market regulator for setting up asset management company.
Some players like Axis Bank, Future Finance Ltd, Peerless General Finance & Investment Ltd etc have applied for mutual fund license.
Besides, Schroder Investment Management of Singapore and PGLH of Delaware in USA are also seeking regulatory nod for setting up asset management company.
As per the data available with the Sebi, seven more companies have applied for approval for setting up mutual funds.
About six companies recently got the regulator's approval for starting mutual funds business. These include Goldman Sachs Asset Management, Edelweiss and Canara Rebeco.
After witnessing a decline for two months in a row, the mutual fund industry has witnessed nearly three per cent rise in its asset under management in August.
The combined average Asset Under Management (AUM) of the 34 fund houses in the country increased to Rs 5,44,317.26 crore at the end of August, as compared to Rs 5,29,629.46 crore in July, according to data released by the Association of Mutual Funds in India.
Analysts feel that fixed maturity plans and liquid schemes have become the flavour of the season for fund houses and investors are now focusing on these close-ended funds.
HDFC MF, whose average AUM surged 3,106.60 crore or 6.12 per cent to Rs 53,858.63 crore, thereby replacing ICICI Prudential which witnessed a drop in its AUM to Rs 53,092.78 crore in August.
Some players like Axis Bank, Future Finance Ltd, Peerless General Finance & Investment Ltd etc have applied for mutual fund license.
Besides, Schroder Investment Management of Singapore and PGLH of Delaware in USA are also seeking regulatory nod for setting up asset management company.
As per the data available with the Sebi, seven more companies have applied for approval for setting up mutual funds.
About six companies recently got the regulator's approval for starting mutual funds business. These include Goldman Sachs Asset Management, Edelweiss and Canara Rebeco.
After witnessing a decline for two months in a row, the mutual fund industry has witnessed nearly three per cent rise in its asset under management in August.
The combined average Asset Under Management (AUM) of the 34 fund houses in the country increased to Rs 5,44,317.26 crore at the end of August, as compared to Rs 5,29,629.46 crore in July, according to data released by the Association of Mutual Funds in India.
Analysts feel that fixed maturity plans and liquid schemes have become the flavour of the season for fund houses and investors are now focusing on these close-ended funds.
HDFC MF, whose average AUM surged 3,106.60 crore or 6.12 per cent to Rs 53,858.63 crore, thereby replacing ICICI Prudential which witnessed a drop in its AUM to Rs 53,092.78 crore in August.
Source: http://www.business-standard.com/india/storypage.php?tp=on&autono=46185
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