The asset under management (AUM) of the domestic mutual fund industry is likely to double at Rs 17.6 lakh crore by 2015 on account of favourable economic climate, a study by Evalueserve and Assocham said.

"A favourable economic climate, increasing participation of retail customers, especially in tier II and tier III cities and rural areas, along with a gradual shift in investors preference towards mutual funds will drive the projected growth," it said.