The domestic asset management industry witnessed an erosion of 2 per cent in its monthly assets due to the volatile conditions in the equity markets,according to rating agency Crisil. The month-end assets stood at Rs 6.82 lakh crore in November despite inflows of around Rs 38,000 crore during the month. "The fall in assets worth Rs 13,800 crore was primarily due to mark-to-market losses in the equity category,which declined by Rs 15,000 crore in the month," Crisil said. in a report here today. Equity funds saw a sharp decline in assets to the tune of 8 per cent,or by Rs 150,000 crore,to Rs 1.7 lakh crore due to a steep fall in the equity markets in the month. The Nifty on NSE fell around 9 per cent last month due to weak global cues and downbeat domestic sentiments. Despite the rise in prices of the yellow metal,gold ETFs (exchange-traded funds) saw outflows for the first time in 18 months,said the report. The category registered outflows of Rs 22 crore in the month compared with inflows of Rs 455 crore in October. The 50 fixed income plans launched during the month amassed Rs 8,900 crore,while other debt and equity schemes garnered just Rs 100 crore during the period under review,it added.
