For India's mutual funds (MFs), assets under management (AUM) declined to Rs.4.70 trillion as on August 31, 2007, from Rs.4.88 trillion as on July 31, 2007. CRISIL attributes the reduction in AUM by almost Rs.200 billion (nearly 4 per cent) during the month to the volatility in the domestic equity and fixed income markets. According to Krishnan Sitaraman, Head - Fund Services and Fixed Income Research, CRISIL, "Continued volatility in Indian stock market over the US sub-prime mortgage crisis, and outflows from cash plans due to a rise in call money rates and liquidity concerns, led to the fall in the assets of mutual funds."
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