Private sector MFs outdo UTI

Figures released by SEBI reveals that if private sector mutual funds mobilised Rs 7,846.5 crore for the year ended March 1999 and saw a net inflow of Rs 1,452.7 crore, then the private funds saw a whopping outflow of Rs 6393.8 crore.

According to Amfi, theprivate sector is 11 per cent of the whole industry and if the total assets under management of the industry are Rs 68,472 crore, then that leaves the private sector mutual funds with Rs 7,531.92 crore. Thus, if the industry saw an outflow of Rs 6393.8 crore, then the private sector mutual fund with a measly Rs 1,138.12 crore!

Looking further at the data released by Amfi for the first quarter of the fiscal June 1999, the industry mobilised Rs 8762 crore against an outflow of Rs 4362 leaving the fund industry with a net inflow of Rs 4400 crore. Of the Rs 8762 crore, UTI alone mobilised Rs 2700 crore in its first assured return monthly income plan for 1999, which is almost 31 per cent of the total mobilisation.

Of the total mobilisation of Rs 8762 crore in the first quarter, income funds accounted for 52.20 per cent, growth funds accounted for 12.65 per cent, liquid funds for 19.65 per cent, money market for 8.33 per cent and balanced funds by 7.12 per cent.

A quarter-on-quarter comparison shows that forthe quarter April-June 1999, mutual funds collectively launched 40 schemes, compared to eight schemes launched in the quarter January to March. The industry saw total mobilisations for the second quarter almost double to Rs 8762 crore up from Rs 4809 crore in the previous year. Redemptions stood almost at the same level. Mobilisations in the growth schemes went up to Rs 1014 crore, from Rs 741 crore in the previous quarter. Income schemes doubled mobilisations at Rs 4574 crore up from 2,380 crore in the previous quarter.