Updated on Thursday, July 02, 2009, 20:08 IST

New Delhi, July 02: The mutual fund industry witnessed five per cent increase in its average assets under management at Rs 6.70 lakh crore at the end of June, with Reliance MF alone gaining over Rs 5,000 crore.

The mutual fund industry's average assets under management (AAUM) grew by Rs 31,863.31 crore, or 5 per cent, and analysts said increased inflows propelled gains in asset.

The combined average AUM of the 35 fund houses in the country increased to Rs 6,70,993.13 crore in June, compared to Rs 6,37,609.41 crore in May, according to data released by the Association of Mutual Funds in India (AMFI).

Reliance MF maintained its top position as the largest fund house in the country with Rs 5,602.21 crore jump in its AUM to Rs 1,08,332.36 crore at June-end.

It had an AUM of Rs 1,02,730 crore at the end of May.

The second-largest fund house, HDFC MF, gained Rs 2,792 crore with its AUM at Rs 78,197.90 crore.

"There is no big reason as such for the slow growth in AUM in June and the increase can be attributed mainly to inflows in fixed income schemes, while they have been nominal in equity schemes," Mutual Fund tracking firm Value Research CEO Dhirendra Kumar said.

ICICI Prudential and state-run UTI MF added Rs 4,619.61 crore and Rs 4,540.32 crore, respectively, to their assets last month.

Bureau Report