MUMBAI: : Even as the Bombay Stock Exchange (BSE) benchmark Sensex gained 2,350 points in the month of April, the assets under management (AUM) of mutual fund houses too gained substantially. After a big outflow in the previous month, the average AUM of fund houses grew by Rs 38,844 crore in April, according to data from the Association of Mutual Funds in India (AMFI).

In the month of March, asset management companies (AMCs) had seen outflows to the tune of Rs 29,000 crore, mainly due to the fall in the stock market and depression in the primary market. At a time when market experts still believe that retail investors will take some time to repose their trust after having burnt their fingers during volatility, MFs gained on the criteria of being safer investment instruments.

The average AUM of all MFs together grew to Rs 5,67,601 crore in April. The country’s largest AMC, Reliance Mutual Fund, added 1.5 lakh customers in April alone. “Our AUM recorded an absolute growth of about Rs 10,000 crore, of which Rs 3,500 crore was put in fixed maturity plans. Equity funds had a total inflow of Rs 3,000 crore in April,” said Reliance Mutual Fund CEO Vikrant Gugnani.

Reliance MF had seen a fall in its MArch AUM and grew in April due to a buoyant market and enhanced retail participation. The comparative stability in markets and growth in positive sentiments enabled MF houses overcome March’s damage . Birla MF, the only fund house that did not see a fall in AUM in March, saw even higher growth in April.