Even after the split, UTI Mutual Fund continues to hold the largest market share of 14.47 per cent closely followed by ICICI Prudential, HDFC Standard Life and Templeton in the over Rs 1,00,000 crore (Rs 1,000 billion) industry.

In terms of growth, Standard Chartered Mutual Fund topped the list posting an inflow of Rs 1,056.22 crore (Rs 10.56 billion) outsmarting larger funds like Templeton, Birla Sunlife, DSP Merrill Lynch and Tata Mutual fund, according to the fund net assets review for July.     

UTI MF retained its dominant position with Rs 16,388.17 crore (Rs 163.88 billion) worth of assets under management capturing 14.47 per cent of the market share.

UTI's market share came down after US-64 and other assured return schemes were separated from the net asset value-based schemes, now managed by a company floated by Life Insurance Corportaion of India, State Bank of India, Punjab National Bank and Bank of Baroda.

Apart from UTI, other PSU mutual funds posted either lower growth or negative growth in sales.

While SBI Mutual Fund grew marginally by Rs 64.56 crore (Rs 645.6 million), the mutual fund arms of Punjab National Bank and Bank of Baroda witnessed decline in growth.

Except UTI, private players dominated the mutual fund industry with ICICI Prudential leading the pack with Rs 13,117 crore (Rs 131.17 billion) worth of assets under management.

HDFC MF closely followed with Rs 12,421 crore (Rs 124.21 billion) while Templeton had Rs 12,003 crore (Rs 120.03 billion) and Birla Sunlife had Rs 8,147 crore (Rs 81.47 billion).

Standard Chartered Mutual Fund grew faster than most funds in recent times to acquire the fifth position among private players managing assets worth Rs 7,047.22 crore (Rs 70.47 billion) after its July inflows worth Rs 1,056 crore (Rs 10.56 billion).

Templeton witnessed inflows worth Rs 850 crore (Rs 8.50 billion), while Birla could manage Rs 690 crore (Rs 6.90 billion), DSP Rs 536 crore (Rs 5.36 billion), Tata MF Rs 521 crore (Rs 5.21 billion) and ICICI Prudential Rs 470 crore (Rs 4.70 billion).

Foreign mutual funds like Deutsche MF and HSBC MF posted growth of 25 per cent and 18 per cent, respectively last month.

In contrast to the private players, UTI Mutual Fund witnessed inflows worth only Rs 373 crore (Rs 3.73 billion) in July.