Total commission paid by AMC dropped marginally in FY 2011-12 compared to the previous fiscal. The AMC reported less decline in equity assets compared to most of its peers.
DSP BlackRock Mutual Fund has paid over Rs 100 crore in commissions to distributors in the financial year 2011-12, marginally less than the previous fiscal when it paid Rs 103 crore.
DSPBR
has 21 large distributors who earned commission in excess of Rs 1 crore. These
21 distributors accounted for 71% of commissions paid by DSPBR. Most of these
are banks and national distributors.
“We have been net sales positive in equity inflows for the calendar year. Our team has been focused on growing the fixed income book. We have good client confidence in this category. Our SIP book has also increased which is over Rs. 100 crore now,” says Ajit Menon, EVP – Head of Sales & Marketing, DSP BlackRock Mutual Fund.
It manages Rs 29,298 crore as on March 2012. Apart from FMPs, DSPBR launched an overseas fund-of-funds called DSPBR World Agriculture Fund which collected Rs 48 crore from its NFO.
AMFI will soon publish the consolidated commission paid by all fund houses to 403 large distributors for fiscal FY11-12. Distributors were vehemently opposed to public disclosure of their earnings when the SEBI rule was announced. Going by the declining asset base, it looks like the pay-outs of many AMCs to distributors are likely to have fallen. Till the time of writing this story, only DSP BlackRock payouts were available among the top 10 AMCs.
Also Read:
Top 12 AMCs paid Rs. 1,546 crore commissions to 549 distributors in FY10-11
HSBC is the largest mf distributor among banks; NJ among NDs
