Jan 18, 2000|
UTI clocks outflows, private funds continue to rule
Private mutual funds (MFs) continued to outstrip their public sector counterparts in December 1999 with inflows in private funds accounting for 49.2% of total inflows in the MF industry.
While private funds continued to ride the growth in December, the Unit Trust of India (UTI) has posted outflows of Rs 1.1 bn in December 1999. This marks a reversal of the trend witnessed in November 1999, when UTI registered inflows of Rs 4.2 bn.
As usual, private funds have stolen a march over their rivals in the public sector in launching innovative schemes. The last few weeks have witnessed private funds launching technology specific (Prudential-ICICI) and e-commerce (Kothari Pioneer, IL&FS) schemes. Others like Alliance Capital and Templeton India also have fresh offerings on display. All this will result in a spurt in inflows in private funds. At Rs 193.5 bn private funds account for 20.1% of total assets under management and will be looking at enhancing it further.
In all probability UTI's outflows can be attributed to large-scale redemptions as investors may have exited after witnessing significant growth in the net asset values (NAVs). Currently UTI manages Rs 672.1 bn (69.2% of total assets).
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