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July 10, 2001
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Money > Business Headlines > Report July 10, 2001 |
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UTI saw Rs 22.65 bn redemptions in JuneBS Markets Bureau The Unit Trust of India's various schemes saw redemptions to the tune of Rs 22.65 billion in June, resulting in a net outflow of Rs 4.07 billion for the trust. This is at a time when the mutual fund industry collected Rs 131.40 billion (gross) with the lion's share being garnered by private sector funds which grossed Rs 99.14 billion -75 per cent of the total June collections in the sector. The uncertainty relating to the institution's flagship US-64 scheme translated into a loss of investor confidence in other schemes as well, resulting in the net outflow, said an analyst. US-64, it may be recalled, was closed for repurchases and sales all throughout the month of June. For the first three months of the current fiscal the funds have collected Rs 285.91 billion with redemptions to the tune of Rs 216.54 billion leaving the sector with a net inflow of Rs 69.36 billion. During April and May the bulk of the redemptions were accounted for by UTI's US-64 scheme. During April, May and June, the UTI saw redemptions of Rs 53.14 billion with Rs 30.49 billion flowing out in the first two months itself. The combined net outflow in the three months was Rs 26.30 billion for the UTI. With more than 35 per cent of the assets in the mutual funds industry under their belt, the cumulative net assets under the management of private sector mutual funds stood at Rs 346.25 billion as on June 30, 2001, marginally up from Rs 318.37 billion as on May 31, 2001. Fund managers said, by all accounts private sector funds, in spite of everything, have scored over their public sector counterparts in terms of personalised customer services and the ease with which investments and redemption could be made. "Performance-wise, there is nothing much to choose between the various scheme, whether from the public sector or private sector," said a fund manager pointing out that the laidback approach by the public sector funds tended to put off investors. Public sector funds mobilised around Rs 13.68 billion in June, while redemptions were relatively low at Rs 4.04 billion. Net inflow stood at Rs 9.63 billion. The total assets under management by all the funds stood at Rs 979.53 billion as of June 30, 2001, (Rs 967.95 billion on May 30), of which Rs 559.24 billion were with the UTI. Powered by YOU MAY ALSO WANT TO READ:
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