Industry assets were primarily boosted by a sharp rise in equity AUM (assets under management) besides being supported by gains in short duration debt funds, Crisil said.
Equity funds boosted industry assets in the latest quarter, with the category average AUM up 23.49 percent (highest rise since September 2010 when AMFI started declaring quarterly average AUM) to its fresh record high of Rs 2.91 trillion, a Crisil release said.
The market, as represented by the CNX Nifty, gained 4.64 percent on hopes of reforms by the new government. The category reported inflows of Rs 17,189 crore in the first two months of the June-September period.
Shorter duration funds, which include money market funds, ultra-short term and short-term debt schemes, reported a rise in assets (consolidated) for a fourth consecutive quarter as investors continued to prefer these categories since they are less sensitive to interest rate uncertainty vis-à-vis longer duration plans, Crisil said.
Consolidated assets of the category rose 8.34 percent to Rs 4.79 trillion.
Assets of fixed maturity plans (FMPs) slipped 4.85 percent to Rs 1.65 trillion from a record high of Rs 1.74 trillion. The fall is an outcome of the change in taxation announced in the July Budget, it said.
Gold exchange traded funds marked their fourth consecutive quarterly fall, slipping 6.65 percent, to Rs 7,698 crore in the July-September period.
The average AUM of direct plans rose 3.85 per cent to Rs 3.53 trillion in the period.
MFs managing the lion share of the industry HDFC Fund, ICICI Prudential and Reliance Mutual Fund - logged highest absolute gains in the September quarter.
HDFC Mutual Fund maintained its No 1 position both in terms of AUM and gain in assets, followed by ICICI Prudential Mutual Fund and Reliance MF.