Double digit growth for mutual funds in FY19?

Mutual Funds industry body, Association of Mutual Funds of India (AMFI) today remained optimistic about the growth story of the industry and expected that the momentum would remain intact despite hardening of interest rates.

The overall mutual fund industry grew by 17 per cent while retail industry jumped by 34 per cent in the last fiscal. Total assets under management by the MF industry as of now is about Rs 23 lakh crore.

"Mutual Fund growth momentum will continue in the current fiscal," AMFI CEO N S Venkatesh said here today on the sidelines of MCCI Mutual Fund Forum 2018.

Venkatesh was banking on economic policies that was leading to growth in the economy.

The AMFI was also trying to go for greater penetration of its campaign and on-ground activities in smaller cities and towns for fresh investors.

Venkatesh said they were aiming to have five lakh distributors of MFs in the country by 2025 against one lakh now.

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AMFI continues to campaign aggressively to bring new investors on board with 'Mutual Funds Sahi Hai' and had spent Rs 200 crore in the last fiscal.

AMFI also developed mutual funds utility, a digital platform that serves entire life-cycle of an MF investor from onboarding to redemption. This is accessible to all the distributors at a very low cost which in turn has helped a lot promoting the industry in adding new investors and repeat investors.