Mutual Funds' assets cross Rs 28 lakh crore in October

Cumulative net inflows in open-ended debt funds stood at Rs 1.10 lakh crore in October 2020, the highest since Rs 1.21 lakh crore in October 2019.

Sell-off in open-ended equity schemes continued in October, with the category recording net outflow of Rs 2,725 crore, higher than the previous month's outflow of Rs 734 crore. AUM under equity schemes was record at Rs 7.7 lakh crore at the end of October.

AUM of hybrid schemes increased by 0.4% (Rs 1,135 crore) to Rs 2.95 lakh crore in October. Further it registered net outflow of Rs 1,682 crore as against outflow of Rs 4,219 crore in September 2020.

Solution Oriented Funds are mutual funds which design their portfolio to achieve a specific goal like retirement planning and child's education planning. AUM of Solution Oriented Schemes determined at Rs 19,777 crore as of October 2020.

The Indian mutual fund (MF) industry's assets under management (AUM) advanced 5% in October to mark a fresh record high. As a result, the industry's month-end AUM rose Rs 1.37 lakh crore, breaching the Rs 28 lakh crore mark for the first time ever.