Associate distributors are those distributors who share parentage with the AMCs. For instance, HDFC Bank/SBI/ICICI Bank/Axis Bank are considered as associate distributors of HDFC AMC/SBI MF/ICICI Pru AMC/Axis MF respectively; similarly, Aditya Birla Capital is an associate distributor of Aditya Birla Sun Life Mutual Fund.
The MF industry accumulates nearly 70% of its equity assets through non-associate distributors.
As of March 2020, equity assets of the MF industry stood at Rs 9.8 lakh crore. This includes AUM in pure equity schemes, ELSS and balanced funds. Of the Rs 9.8 lakh crore, nearly 70% or Rs 6.8 lakh crore of assets has come through non-associate distributors. The rest 30% assets have come through direct plan (19%) and associate distributors (11%).
Among fund houses, HDFC MF has emerged as the top company in bringing equity AUM through non-associate distributors. As of March end, nearly Rs 1 lakh crore or 70% of HDFC MF’s total equity assets has come through non-associate distributors.
Next in the list is ICICI Prudential MF, which has accumulated Rs 83,764 crore, or 63% of its total equity assets via non-associate distributors.
The third largest fund house in this list is Aditya Birla Sun Life MF. Of its Rs 71,801 crore equity assets, Rs 60,250 crore or nearly 84% has come from non-associate distributors.
Here are a few more interesting facts:
- SBI MF, the largest fund house in terms of assets, gets close to 47% of its assets from non-associate distributors
- Essel MF and Mahindra MF rely the most on non-associate distributors to fetch equity assets for them. Essel MF garnered 97.5% of its total Rs 560 crore equity assets through non associate distributors and Mahindra MF accumulated 96.5% of its Rs 1,616 crore equity assets via non associate distributors
- Overall, there are 17 fund houses which get over 80% of their equity assets via non-associate distributors
- There are only 4 fund houses that get less than 10% of their equity assets via non-associate distributors
|
Fund house |
Total equity AUM (Rs crore) |
Equity AUM via non associate distributors(Rs crore) |
Non associate distributor's share in total equity AUM (%) |
|
HDFC |
141,740 |
99,639 |
70.3% |
|
ICICI Prudential |
132,514 |
83,764 |
63.2% |
|
Nippon India |
71,801 |
60,250 |
83.9% |
|
Aditya Birla Sun Life |
75,451 |
58,108 |
77.0% |
|
SBI |
95,574 |
45,078 |
47.2% |
|
Kotak |
62,398 |
41,804 |
67.0% |
|
UTI |
42,757 |
36,389 |
85.1% |
|
Axis Mutual Fund |
66,663 |
33,794 |
50.7% |
|
Franklin Templeton |
39,652 |
33,553 |
84.6% |
|
DSP |
38,092 |
32,134 |
84.4% |
|
L&T |
32,185 |
27,151 |
84.4% |
|
Mirae Asset |
34,373 |
25,396 |
73.9% |
|
Tata |
22,638 |
19,856 |
87.7% |
|
IDFC |
25,593 |
18,771 |
73.3% |
|
Sundaram |
17,620 |
15,464 |
87.8% |
|
Motilal Oswal |
16,603 |
9,920 |
59.7% |
|
Invesco |
11,282 |
9,274 |
82.2% |
|
Canera Robeco |
10,914 |
7,279 |
66.7% |
|
Edelweiss |
7,422 |
4,978 |
67.1% |
|
Principal |
5,087 |
4,472 |
87.9% |
|
BNP Paribas |
4,009 |
3,588 |
89.5% |
|
JM Financial |
2,498 |
2,024 |
81.0% |
|
LIC |
2,211 |
1,860 |
84.1% |
|
Mahindra |
1,616 |
1,558 |
96.4% |
|
PGIM India |
1,141 |
1,018 |
89.2% |
|
HSBC |
2,461 |
993 |
40.3% |
|
IDBI |
2,167 |
803 |
37.1% |
|
PPFAS |
2,608 |
775 |
29.7% |
|
Essel |
560 |
547 |
97.5% |
|
ITI |
518 |
440 |
85.0% |
|
IIFL |
715 |
340 |
47.6% |
|
BOI AXA |
1,055 |
322 |
30.5% |
|
Taurus |
347 |
306 |
88.2% |
|
Indiabulls |
281 |
212 |
75.4% |
|
Union |
2,107 |
185 |
8.8% |
|
Baroda |
2,230 |
181 |
8.1% |
|
Shriram |
165 |
60 |
36.0% |
|
Quant |
38 |
29 |
76.4% |
|
Quantum |
737 |
26 |
3.5% |
|
YES |
0 |
0 |
0.0% |
|
TOTAL |
977,824 |
682,338 |
69.8% |
