Mutual Funds' asset base from smaller cities up 13.5% at Rs 2.14 lakh cr

Contribution of small towns - known as beyond the top 15 cities (B15) - to mutual funds' asset base in India has surged 13.5 per cent to Rs 2.14 lakh crore in the first nine months of the current financial year.

Assets under management from B15 grew from Rs 1,89,014 crore in March 31, 2015 to Rs 2,14,528 crore at the end of December, according to data from the Association of Mutual Funds of India (AMFI).

Despite marked volatility in the broader financial and stock markets, contributions from B15 cities has increased in the overall industry's AUM.

A major portion of the products sold within this fast growing pocket of the industry are equity-linked unlike the Top 15 space, where institutional dominance tilts the balance towards fixed income products, Reliance Capital Asset Management Company (RCAM) CEO Sundeep Sikka said.

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