Earn Interest Rate upto 9.50% p.a in AAA Rated NCD of M&M Financial Services Ltd
Mutual funds profits up 6% y-o-y in FY13, but half of fund houses in red
The aggregate net profit for the mutual fund industry for FY13 grew nearly 6% over the previous year even as nearly half the number of fund houses in the MF universe posted losses.
Aggregate net profit for all fund houses (excluding Franklin Templeton MF and PPFAS MF) for FY13 grew 5.7% over the year-ago fiscal, data collated from Outlook Asia Capital show. However, the industry clocked a robust 22% growth in assets under management (AUM) — to R8.16 lakh crore — at the end of FY13 from R6.64 lakh crore in FY12.
"Assets have grown on the fixed-income side, which tend to make lesser money than equity assets. So, profits have grown at a smaller pace than asset growth," said Vicky Mehta, senior investment consultant, Morningstar India.
Overall, 22 fund houses posted losses, the same number as FY12. An analysis of 15 of the bottom-ranked AMCs in terms of the assets they manage shows that their consolidated net losses widened to R161 crore in FY13 from R144 crore in FY1...
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