Top 25 fund houses garner 33% of their debt AUM from distributors

The top 25 fund houses accumulate around 33% of their total debt assets from non-associate distributors. The remaining 67% AUM comes through associate distributors (6%) and the direct channel (61%). These 25 fund houses account for more than 95% of the entire MF industry’s debt assets. 

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.

Data available on these fund house’s websites shows that distributors bring the highest debt assets to HDFC MF in absolute terms. As of March 2020, the fund house has garnered Rs 64,209 crore from non-associate distributors, which is 33% of its total debt AUM.  

Next in this list are ICICI Prudential MF and Aditya Birla Sun Life MF. ICICI Pru MF has accumulated Rs 64, 035 crore through non-associate distributors, while ABSL MF has received Rs 53,083 crore.       

SBI MF, the top fund house based on overall AUM, gets Rs 30,439 crore from non-associate distributors, which is around 17% of its total debt AUM of Rs 1.72 lakh crore.

Here are a few other interesting facts:

• Seven fund house get over Rs 30,000 crore of debt assets each from non-associate distributors

• As on March 2020, Franklin Templeton has received more than 65% of its debt assets from distributors, the highest in percentage terms

• Mirae Asset MF is another fund house that relies considerably on individual distributors and NDs to bring debt assets. The fund house has garnered over 47% of its debt AUM through the distributor channel

• Around 15 fund houses get 30% of their total debt AUM via non-associate distributors

AUM in Rs crore

Note - The data is as of March 31, 2020