Indian mutual fund industry has seen a growth of 10.73% in average assets under management (AAUM) over last one year.

AAUM of 42 mutual fund houses stood at Rs 9,042.69 billion as on Mar. 31, 2014, up Rs 876.12 billion from Rs 8,166.57 billion on Mar. 31, 2013.

HDFC Mutual Fund has retained top position with AAUM of Rs 1,129.63 billion, which was 11.05% or Rs 112.43 billion higher than last year. While ICICI Prudential Mutual Fund has replaced Reliance Mutual Fund to become second largest fund house.

ICICI Prudential Mutual Fund's AAUM stood at Rs 1,068.22 billion, up 21.62% or Rs 189.87 billion over the previous year. Meanwhile, AAUM stood at Rs 1,035.42 billion, up 9.47% or Rs 89.62 billion over the last year.

LIC NOMURA Mutual Fund has witnessed fastest growth in AAUM of 154% over the previous year to Rs 182.55 billion. It was followed by BOI AXA Mutual Fund (80.36%), L&T Mutual Fund (63.44%), HSBC Mutual Fund (46.44%), and Axis Mutual Fund (33.35%).   

On the other hand, Indiabulls Mutual Fund recorded a sharp decline of 43.2% over the previous year to Rs 10.97 billion. It was followed by ING Mutual Fund (43.2%), PineBridge Mutual Fund (40.96%), Edelweiss Mutual Fund (34.59%) and Canara Robeco Mutual Fund (26.58%).