The average assets under management of the 41-player mutual fund industry rose 14 percent to Rs 24.29 lakh crore in July-September, according to the data on the Association of Mutual Funds in India.
In comparison, the total AUM of the industry in April-June stood at Rs 23.4 lakh crore.
Mutual fund managers attributed the rise in quarterly AUM to strong participation from retail investors. Also, continuous flows from systematic investment plans helped the industry to register growth in the AUM.
Asset managers also said joint efforts of investor awareness campaigns by AMFI and fund houses have driven growth for the industry.
Among top 10 asset management companies, ICICI Prudential Mutual Fund with a marginal rise in assets continued to remain the top fund house in the industry with AUM of Rs 3.10 lakh crore.
While average AUM of HDFC Mutual Fund fell 0.16 percent, it managed to maintain the second position and Aditya Birla Sun Life Mutual Fund continued to remain at the third slot.
SBI Mutual Fund with nearly 9 percent rise in its average AUM took the fourth position relegating Reliance Mutual Fund to fifth spot.
The total AUM of top 10 asset management companies rose 3.68 percent to Rs 19.63 lakh crore of the total 24 lakh crore.
Despite the volatile equity markets, the industry witnessed positive equity inflows last month.
Of the 41 fund houses, as many as 33 mutual funds witnessed growth in their asset base in the July-September quarter of 2017-18, while eight saw a decline in their AUMs.
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