Listen to this article
Non-associate distributors like MFDs and NDs drive 48% of the total business of the top 30 fund houses (in terms of September 2023 quarterly average AUM). As on September 2023, they contribute Rs 22.83 lakh crore to their total monthly asset base of Rs 47.54 lakh crore.
In absolute terms, HDFC MF and ICICI Prudential MF have over Rs 2.80 lakh crore each coming from MFDs and NDs, the highest among other fund houses. UTI MF and SBI MF receive the next highest contributions of Rs 1.93 lakh crore and Rs 1.77 lakh crore, respectively. And, Nippon India MF gets the fifth-largest contribution of Rs 1.71 lakh crore.
Besides these, three more fund houses - Kotak MF, Aditya Birla Sun Life MF and Axis MF have over Rs 1 lakh crore each coming from non-associate distributors.
In percentage terms, Mahindra Manulife MF takes the lead as MFDs and NDs drive 85% of its business with Franklin Templeton having the second-highest share of 80%. Additionally, four more fund houses Edelweiss MF, Sundaram MF, ITI MF and UTI MF receive over 70% of their business from them.
Overall, MFDs and NDs bring 50% or more of the MF business of 15 fund houses from the top 30 list.
|
Sr No*1 |
Mutual Fund*2 |
Non-Associate Average AUM in Crore |
Total Monthly Average AUM in Crore |
% Non-Associate Average AUM |
|
1 |
HDFC (3) |
2,87,123 |
5,33,553 |
54% |
|
2 |
ICICI Prudential (2) |
2,81,395 |
5,92,613 |
47% |
|
3 |
UTI (7) |
1,93,173 |
2,67,712 |
72% |
|
4 |
SBI (1) |
1,77,065 |
8,37,899 |
21% |
|
5 |
Nippon India (4) |
1,70,941 |
3,61,813 |
47% |
|
6 |
Kotak (5) |
1,64,953 |
3,37,951 |
49% |
|
7 |
Aditya Birla Sun Life (6) |
1,51,745 |
3,06,364 |
50% |
|
8 |
Axis (8) |
1,17,810 |
2,60,750 |
45% |
|
9 |
Mirae Asset (9) |
92,301 |
1,44,375 |
64% |
|
10 |
Edelweiss (13) |
86,579 |
1,12,382 |
77% |
|
11 |
DSP (10) |
80,632 |
1,32,369 |
61% |
|
12 |
Tata (11) |
63,989 |
1,30,013 |
49% |
|
13 |
Franklin Templeton (16) |
60,227 |
75,327 |
80% |
|
14 |
Bandhan (Erstwhile IDFC) (12) |
60,083 |
1,25,633 |
48% |
|
15 |
Canara Robeco (15) |
52,779 |
77,352 |
68% |
|
16 |
HSBC (14) |
51,251 |
99,825 |
51% |
|
17 |
Sundaram (18) |
38,141 |
49,993 |
76% |
|
18 |
Invesco (17) |
33,855 |
59,819 |
57% |
|
19 |
Motilal Oswal (20) |
21,165 |
36,144 |
59% |
|
20 |
PPFAS (19) |
17,958 |
47,954 |
37% |
|
21 |
quant (21) |
17,271 |
35,317 |
49% |
|
22 |
PGIM India (24) |
16,051 |
23,346 |
69% |
|
23 |
Mahindra Manulife (25) |
11,739 |
13,734 |
85% |
|
24 |
LIC (23) |
11,134 |
25,206 |
44% |
|
25 |
Baroda BNP Paribas (22) |
10,087 |
32,099 |
31% |
|
26 |
Union (26) |
5,052 |
13,067 |
39% |
|
27 |
ITI (29) |
3,686 |
4,911 |
75% |
|
28 |
360 ONE (Erstwhile IIFL) (27) |
2,613 |
6,426 |
41% |
|
29 |
Bank of India (28) |
2,089 |
5,328 |
39% |
|
30 |
NJ (30) |
9 |
4,727 |
0.20% |
|
Grand Total |
22,82,896 |
47,54,001 |
48% |
*1 - The fund houses are serially mentioned in the order of September 2023 monthly non-associate average AUM
*2 - Numbers mentioned in brackets are the September 2023 rankings of the top 30 fund houses
How much do direct plans and associate distributors contribute?
Further analysis of September 2023 data shows that the contribution of direct plans in the top 30 fund houses is catching up with that of non-associate distributors. As against the 48% contribution of non-associate distributors, direct plans constitute 45% of the business.
However, the share of associate distributors is modest at 7%. Associate distributors are affiliates of fund houses and include banks. For example, Axis Bank is the associate distributor of Axis MF.
|
Particulars |
Average AUM in Crore |
% |
|
Non-Associate Average AUM |
22,82,896 |
48% |
|
Direct Average AUM |
21,35,158 |
45% |
|
Associate Average AUM |
3,35,946 |
7% |
|
Total Monthly Average AUM |
47,54,001 |
100% |
