India Mutual Funds' Average Assets Slip 1.6% On Month In July

The average value of assets managed by Indian mutual funds in July slipped 1.6% from a month earlier.

Mutual funds' average assets under management fell to about INR6.65 trillion ($144.03 billion) in July from INR6.76 trillion at the end of June, data from the Association of Mutual Funds in India showed Tuesday.

Assets had dropped nearly 16% on month in June as banks and other companies withdrew investments from debt funds to meet cash needs, and also due to a proposed change in the method of valuation for certain debt securities.

But average assets under management at Reliance Mutual Fund, the largest Indian fund house by assets, rose a little under 1% to about INR1.02 trillion at the end of July. Its average assets had slipped nearly 15% in June from the previous month.

Source: http://www.automatedtrader.net/real-time-dow-jones/9414/india-mutual-funds039-average-assets-slip-16-on-month-in-july 

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