MFDs and NDs drive 46% of MF business, HDFC MF, ICICI MF and UTI MF are their favourites

Non-associate distributors like MFDs and NDs bring 46% of the business in the Rs.37 lakh crore mutual fund industry. Further, HDFC MF, ICICI MF and UTI MF are the biggest beneficiaries, shows an analysis of September AUM data published by fund houses.

Of the HDFC MF’s total AUM of Rs.4.37 lakh crore, non-associate distributors have a 50% share at Rs.2.17 lakh crore. ICICI Prudential MF's non-associate AUM is almost the same but the share in total AUM is lower at 47%.

UTI MF followed both fund houses with non-associate AUM of Rs.1.5 lakh crore, the share of non-associate distributors in total AUM is highest among the top 10 at 69%.

ABSL MF, SBI MF, Nippon Life India MF and Axis MF come next in the rankings and are the only other fund houses who have over Rs.1 lakh crore non-associate AUM.

In terms of percentage share, ITI MF, Principal MF and Edelweiss MF are at the top. Non-associate distributors have over 80% share in their AUM. Meanwhile, fund houses like Quantum, Baroda and HSBC are the bottom three.

Overall, non-associate distributors have an AUM of Rs.17 lakh crore in the top 35 fund houses. This is 46% of their total AUM of 37 lakh crore.

Here’s a list of top 35 AMCs with their non-associate distribution AUM:

*All numbers are in Rs crore

**AUM used is of October month