Non-associate distributors, which include MFDs and national distributors (NDs) are at the heart of the mutual fund business. Together they bring 48% of the total MF assets, a tad higher than direct distribution channels (46%).
An analysis of AUM of top 30 fund houses shows that ICICI Prudential MF has the highest assets coming from non-associate distributors. Non-associate distributors have an AUM of Rs 1.96 lakh crore of ICICI Prudential AMC, which was 48% of the AMC's total AUM as on March 2021.
HDFC MF, ABSL MF, UTI MF and Kotak MF followed ICICI Prudential MF in the said order. Interestingly, the largest fund house of India — SBI MF — held sixth position in terms of assets through non associate distributors. The fund house has 21% of the total assets through this channel. This is due to widespread presence of its associate distributor –State Bank of India.
Among top ten fund houses, UTI MF and DSP MF have seen largest portion of their assets coming from non- associate distributors.
UTI MF has 69% of its business through the non-associate channel. Of its total AUM of Rs 1.80 lakh crore, Rs 1.30 lakh crore has come from the non-associate category.
Franklin Templeton MF, Mirae Asset MF, Edelweiss MF, Sundaram MF and Canara Robeco MF were some of the other AMCs that have larger dependence on non-associate distributors. More than 65% of their business came through this channel.
Here’s a list of top 30 AMCs with their non-associate distribution AUM:
|
Rank |
Mutual Fund (Ranking in share of non-associate distributors) |
Non-associate Distributor AUM (Rs. cr) |
Total AUM (Rs. cr) |
Non-associate Distributor AUM (%) |
|
1 |
SBI MF (6)* |
1,05,879 |
5,04,445 |
20.99 |
|
2 |
HDFC MF (2) |
1,95,031 |
4,15,566 |
46.93 |
|
3 |
ICICI Prudential MF (1) |
1,95,996 |
4,05,406 |
48.35 |
|
4 |
Aditya Birla Sun Life MF (3) |
1,28,707 |
2,69,278 |
47.80 |
|
5 |
Kotak Mahindra MF (5) |
1,07,369 |
2,33,780 |
45.93 |
|
6 |
Nippon India MF (7) |
1,05,167 |
2,28,586 |
46.01 |
|
7 |
Axis MF (8) |
89,543 |
1,96,549 |
45.56 |
|
8 |
UTI MF (4) |
1,26,462 |
1,82,853 |
69.16 |
|
9 |
IDFC MF (11) |
57,543 |
1,22,131 |
47.12 |
|
10 |
DSP MF (9) |
61,200 |
97,386 |
62.84 |
|
11 |
Franklin Templeton MF (10) |
60,724 |
82,553 |
73.56 |
|
12 |
L&T MF (13) |
42,893 |
72,728 |
58.98 |
|
13 |
Mirae Asset MF (12) |
50,610 |
69,598 |
72.72 |
|
14 |
Tata MF (15) |
34,236 |
62,078 |
55.15 |
|
15 |
Edelweiss MF (14) |
41,542 |
46,849 |
88.67 |
|
16 |
Invesco MF (17) |
20,742 |
36,795 |
56.37 |
|
17 |
Sundaram MF (16) |
22,644 |
32,052 |
70.65 |
|
18 |
Canara Robeco MF (18) |
18,623 |
28,273 |
65.87 |
|
19 |
Motilal Oswal MF (19) |
12,808 |
25,460 |
50.31 |
|
20 |
LIC MF (20) |
8,080 |
16,927 |
47.73 |
|
21 |
HSBC MF (26) |
2,247 |
10,385 |
21.64 |
|
22 |
Baroda MF (27) |
1,328 |
9,641 |
13.77 |
|
23 |
PPFAS MF (24) |
3,255 |
8,720 |
37.33 |
|
24 |
BNP Paribas MF (22) |
5,815 |
7,837 |
74.20 |
|
25 |
Principal MF (21) |
6,739 |
7,768 |
86.75 |
|
26 |
PGIM India MF (23) |
4,658 |
6,527 |
71.37 |
|
27 |
Mahindra Manulife MF (25) |
3,183 |
5,271 |
60.39 |
|
28 |
Union Mutual Fund (29) |
996 |
5,240 |
19.01 |
|
29 |
IDBI Mutual Fund (28) |
1,201 |
4,120 |
29.15 |
|
30 |
JM Financial MF (30) |
625 |
2,389 |
26.16 |
|
Total |
15,15,846 |
31,65,876 |
47.88** |
*The numbers in brackets are the rankings as per non-associate distribution AUM
**Average %
