New Delhi: Mutual fund industry's asset base surged by 12 per cent to a record high of Rs 16.11 lakh crore in July-September quarter helped by strong participation from retail investors and robust inflow in equity schemes. The industry, comprising 42 active players, witnessed increase in average assets under management to R 16.11 lakh crore in three months ended September 30, 2016, from the previous high of Rs 14.41 lakh crore during April-June quarter, data available with industry body Association of Mutual Fund Industry showed.