Which fund houses have kept pace in the passives market?

Cafemutual recently analysed passives average AUM data of the top 30 fund houses (in terms of June 2023 quarterly average AUM) to identify the key passive players in the industry. For this, we extracted July 2023 monthly average AUM data for index funds and ETFs and also summed up two for a segment-wise ranking. 

Here is what our analysis reveals. 

Index Funds 

The top 30 fund houses collectively manage index funds of Rs 1.74 lakh crore. Of these, only seven fund houses report an average AUM of more than Rs 10,000 crore. In contrast, eight fund houses have no existence in this space. 

The top five fund houses here are ICICI Prudential MF (Rs 23,050 crore), SBI MF (Rs 22,398 crore), Aditya Birla Sun Life MF (Rs 20,087 crore), HDFC MF (Rs 19,702 crore) and UTI MF (Rs 17,761 crore). 

ETFs

When we take into account both i.e. gold and other ETFs, SBI MF has the largest asset base of Rs 2.73 lakh crore. 

Following SBI MF are UTI MF, Nippon India MF, Edelweiss MF and ICICI Prudential MF which occupy the next four spots. They individually manage ETFs of Rs 79,746 crore, Rs 77,432 crore, Rs 58,958 crore and Rs 35,098 crore, respectively. 

Under this category, while 16 fund houses collectively report Rs 5.70 lakh crore, 14 fund houses have no presence in ETF space. 

Total passives

The massive lead in the ETF segment gives SBI a huge lead in terms of overall assets. The fund house manages Rs 2.96 lakh crore. 

Likewise, the following top players hold the same ranking as ETFs, i.e. UTI MF, Nippon India MF, Edelweiss MF and ICICI Prudential MF take the next four places. They report assets of Rs 97,507 crore, Rs 85,514 crore, Rs 74,960 crore and Rs 58,148 crore, respectively. 

Overall, of the top 30 fund houses, 22 fund houses have existence in the passives segment. Together, their asset base stands at Rs 7.44 lakh crore. 

Here are the complete passive details of the top 30 fund houses. Figures mentioned are in crore.