Pakistan’s mutual fund industry recorded assets under management (AUM) of Rs4.72 trillion at the end of September 2026, up 12.4% year-on-year (YoY), as annual growth slowed compared with the previous two years.

Data from the Mutual Funds Association of Pakistan (MUFAP) shows that total assets increased by Rs520 billion from Rs4.20 trillion in September 2025.

The increase was lower than the Rs1.15 trillion recorded between September 2024 and September 2025. The industry had added Rs1.23 trillion in the preceding year, taking assets from Rs1.82 trillion in September 2023 to Rs3.05 trillion in September 2024.

Money market and equity funds continued to face pressure, while investor redemptions also affected the pace of asset growth.

Banks and Government Securities Hold Major Share

Investments in bank and development finance institution (DFI) deposits and other instruments stood at around Rs2.74 trillion, accounting for 58% of total industry assets.

Government securities accounted for Rs795 billion, or about 17%, while equity investments stood at Rs677 billion, representing 14% of the total. Other investments amounted to Rs567 billion, or approximately 12%.

Individual investors held Rs2.04 trillion, equivalent to 43.2% of total mutual fund assets. The “Others” category accounted for Rs2.19 trillion, or 46.3%.

Banks and financial institutions held Rs129.15 billion, while provident funds had Rs165.07 billion and pension funds held Rs154.75 billion. Gratuity funds accounted for Rs44.62 billion.

Open-end funds dominated the industry with assets of Rs4.55 trillion. Voluntary Pension Schemes held Rs155.49 billion, employer pension funds accounted for Rs7.41 billion, and exchange-traded funds held Rs6.94 billion.

The figures highlight the industry’s continued reliance on bank-related investments and government securities, while equity investments represented a smaller share of total assets.