Retail penetration still remains low, focus on institutional funds continues. When the Association of Mutual Funds in India (Amfi) declared in September last year that disclosure of the industry’s average assets under management (AAUM) would be disclosed on a quarterly basis instead of monthly, the objective was to discourage the ‘unhealthy’ practice of a race for asset gathering among fund houses and to increase retail participation.
Three quarters since then, have the new disclosure norms helped the industry? On AAUM, the mutual fund industry has been able to curb the volatility, as the duration stretcheds over 90 days as against 30 days earlier. The recent statistics as of June 30 show average assets are showing a steady increase in the last three quarters, as it rose 4.23 per cent from Rs 7.13 lakh crore in September-end to Rs 7.43 lakh crore now.
News Source – BUSINESS STANDARD.
Public sector Indian bank has entered into an agreement with SBI Mutual Fund to sell its products. The agreement was signed between SBI Mutual Fund and Indian Bank at a function held today, an Indian Bank statement said. As per the agreement, Indian Bank’s 1,850 branches would sell mutual fund products, it said. Besides SBI Mutual Fund products, Indian Bank would have access to products of UTI Mutual Fund and Reliance Mutual Fund, it said.
News Source – MONEY CONTROL.