Investments in mutual funds through the direct route has fallen over past year. AMFI data shows its share in the total AUM as of October 2021 was 45%, down by two percentage points from 47% in October 2020. While retail, foreign investors and banks have shown a preference for the direct route, institutions have collectively reduced their investments through this channel. Institutions have followed this approach mainly in gilt funds, fixed-maturity plans (FMPs) and duration-based funds, and have sought advice to tide over the falling interest rates. Besides, the FMPs they had bought directly two years ago matured this year, which further reduced direct-plans' share in institutional investments.