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Non-associate distributors like MFDs and NDs play a key role in the MF industry as they account for 48% of the total MF business of the top 30 fund houses.
These fund houses collectively have assets of Rs. 39.86 lakh crore, of which non-associate distributors have contributed Rs. 19.16 lakh crore.
These distributors contribute the highest to HDFC MF, ICICI Prudential MF and UTI MF where the fund houses respectively manage Rs. 2.36 lakh crore, Rs. 2.33 lakh crore and Rs.1.65 lakh crore of such assets. Notably, HDFC MF and ICICI Pru MF are the only two fund houses where the contribution of non-associate distributors exceeds Rs. 2 lakh crore.
Six other fund houses - UTI MF, SBI MF, Kotak MF, Aditya Birla Sun Life MF, Nippon India MF and Axis MF have over Rs. 1 lakh crore of non-associate assets and receive the next highest contribution in the said order.
In percentage terms, five fund houses receive over 70% of their business from non-associate distributors. These include - Mahindra Manulife MF (89%), Franklin Templeton MF (80%), Edelweiss MF (79%), ITI MF (77%) and Sundaram MF (75%).
Share of non-associate distributors
|
Fund House |
Monthly AAUM |
Share of Non -Associate Distributors |
% |
|
HDFC |
4,45,168 |
2,35,563 |
52.92% |
|
ICICI Prudential |
4,94,117 |
2,32,914 |
47.14% |
|
UTI |
2,34,614 |
1,64,987 |
70.32% |
|
SBI |
7,04,886 |
1,47,036 |
20.86% |
|
Kotak |
2,89,424 |
1,37,735 |
47.59% |
|
Aditya Birla Sun Life |
2,67,523 |
1,34,548 |
50.29% |
|
Nippon India |
2,92,873 |
1,34,365 |
45.88% |
|
Axis |
2,37,185 |
1,09,897 |
46.33% |
|
Edelweiss |
1,01,751 |
79,964 |
78.59% |
|
Mirae Asset |
1,15,275 |
75,150 |
65.19% |
|
DSP |
1,11,729 |
69,361 |
62.08% |
|
Bandhan (Erstwhile IDFC) |
1,14,339 |
54,687 |
47.83% |
|
Tata |
98,860 |
50,705 |
51.29% |
|
Franklin Templeton |
62,208 |
49,679 |
79.86% |
|
HSBC |
82,445 |
48,305 |
58.59% |
|
Canara Robeco |
62,097 |
42,890 |
69.07% |
|
Sundaram |
44,011 |
33,148 |
75.32% |
|
Invesco |
45,273 |
26,895 |
59.41% |
|
Motilal Oswal |
29,554 |
17,062 |
57.73% |
|
PGIM India |
21,379 |
14,415 |
67.43% |
|
PPFAS |
34,658 |
13,087 |
37.76% |
|
quant |
19,507 |
9,679 |
49.62% |
|
LIC |
17,668 |
9,039 |
51.16% |
|
Mahindra Manulife |
9,691 |
8,593 |
88.67% |
|
Baroda BNP Paribas |
24,272 |
8,096 |
33.36% |
|
Union |
9,820 |
3,706 |
37.74% |
|
ITI |
3,720 |
2,852 |
76.68% |
|
IDBI |
3,603 |
1,101 |
30.55% |
|
IIFL |
4,654 |
697 |
14.97% |
|
NJ |
4,175 |
11 |
0.25% |
|
Total |
39,86,480 |
19,16,169 |
48.07% |
* Figures in crore
Methodology for our analysis
We have considered the top 30 fund houses in terms of quarterly average total AUM as on March 2023. We have then carved out the share of non-associate distributors from the monthly AAUM of these fund houses.
