Paul sorvino, an imposing actor whose roles ranged from the mob boss in "Goodfellas" to an early stint on the long-running cop drama "Law & Order,"

Assets under management (AUM) of funds linked to systematic investment plans (SIP) hit a new high of 6.1 lakh crore in July.

This was due to a steady monthly inflow of money into these plans and a market rally that helped benchmark indices get their best returns in 11 months.

According to data from the Association of Mutual Funds in India, the share of SIP-linked AUM (assets under management) in the total AUM

(assets under management) of the mutual fund (MF) industry grew to a record 16.1% in July, up from an average of 11% over the long term.

In July, Rs 12,140 crore came into the SIP schemes. This was the 11th month in a row that the amount was more than 10,000 crore.

In the past 12 months, 1.4 lakh crore was put into these schemes as a whole. In July, compared to the previous month, the SIP-linked AUM had its best gain in 20 months,

at 10.5%. The total equity AUM and the total MF AUM both went up by 10%. In July, the net equity inflow fell to its lowest level in nine months, at Rs. 8,898 crore.

Nearly 90% of the monthly SIP payments were thought to be put into equity funds. This means that lump-sum investors have cut their exposure to equity mutual funds over the past few months.

Since the number of new SIP accounts has slowed down over the past few months, the monthly inflows are mostly driven by the people

who already have accounts. In the last three months, an average of 7.6 lakh new accounts were added each month. In the 12 months before that,

an average of 13.3 lakh new accounts were added each month. 

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