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September 2023 data shows associate distributors contribute a modest share of Rs 3.36 lakh crore or 7% to the total average AUM of Rs 47.54 lakh crore of the top 30 fund houses (in terms of September 2023 quarterly average AUM).
Associate distributors are simply affiliate of fund houses. For instance, Axis Bank is the associate distributor of Axis MF.
In absolute terms, SBI MF has the highest associate average AUM of Rs 1.70 lakh crore. It is the only fund house to have over Rs 1.50 lakh crore of such assets though in percentage terms, it forms 20% of the AUM of SBIMF.
ICICI Prudential MF and HDFC MF follow next with an average AUM of Rs 43,627 crore and Rs 31,153 crore respectively. Axis MF and Kotak MF have the fourth-largest and fifth-largest associate assets of Rs 27,261 crore and Rs 11,948 crore respectively.
Also, of the 30 fund houses, five of them have no affiliate association. These are Nippon India MF, Franklin Templeton MF, PPFAS MF, quant MF and PGIM India MF.
However, in percentage terms, seven fund houses drive 10% or more of their business from associate distributors. With 78%, NJ MF is at the top, followed by Union MF (38%), Baroda BNP Paribas MF (30%), Bank of India MF (26%), SBI MF (20%), Axis MF (10%) and LIC (10%) in the said order.
Here is the fund house wise data of associate distributor share.
|
Sr No |
Mutual Fund |
Total Monthly Average AUM (Crore) |
Associate Distributor Average AUM (Crore) |
% Associate Distributor |
|
1 |
SBI (1) |
8,37,899 |
1,70,183 |
20% |
|
2 |
ICICI Prudential (2) |
5,92,613 |
43,627 |
7% |
|
3 |
HDFC (3) |
5,33,553 |
31,153 |
6% |
|
4 |
Axis (8) |
2,60,750 |
27,261 |
10% |
|
5 |
Kotak (5) |
3,37,951 |
11,948 |
4% |
|
6 |
Baroda BNP Paribas (22) |
32,099 |
9,557 |
30% |
|
7 |
Aditya Birla Sun Life (6) |
3,06,364 |
9,371 |
3% |
|
8 |
Canara Robeco (15) |
77,352 |
6,733 |
9% |
|
9 |
HSBC (14) |
99,825 |
5,866 |
6% |
|
10 |
Union (26) |
13,067 |
4,931 |
38% |
|
11 |
NJ (30) |
4,727 |
3,702 |
78% |
|
12 |
UTI (7) |
2,67,712 |
3,009 |
1% |
|
13 |
LIC (23) |
25,206 |
2,538 |
10% |
|
14 |
Motilal Oswal (20) |
36,144 |
1,439 |
4% |
|
15 |
Bank of India (28) |
5,328 |
1,410 |
26% |
|
16 |
Sundaram (18) |
49,993 |
1,323 |
3% |
|
17 |
Tata (11) |
1,30,013 |
757 |
1% |
|
18 |
Edelweiss (13) |
1,12,382 |
374 |
0.3% |
|
19 |
Bandhan (Erstwhile IDFC) (12) |
1,25,633 |
348 |
0.3% |
|
20 |
360 ONE (Erstwhile IIFL) (27) |
6,426 |
187 |
3% |
|
21 |
Mahindra Manulife (25) |
13,734 |
169 |
1% |
|
22 |
DSP (10) |
1,32,369 |
25 |
0.02% |
|
23 |
Invesco (17) |
59,819 |
22 |
0.04% |
|
24 |
ITI (29) |
4,911 |
11 |
0.2% |
|
25 |
Mirae Asset (9) |
1,44,375 |
3 |
0.002% |
|
26 |
Nippon India (4) |
3,61,813 |
- |
0% |
|
27 |
Franklin Templeton (16) |
75,327 |
- |
0% |
|
28 |
PPFAS (19) |
47,954 |
- |
0% |
|
29 |
quant (21) |
35,317 |
- |
0% |
|
30 |
PGIM India (24) |
23,346 |
- |
0% |
|
|
Grand Total |
47,54,001 |
3,35,946 |
7% |
*1 - The fund houses are serially mentioned in the order of September 2023 associate distributor average AUM
*2 - Numbers mentioned in brackets are September 2023 rankings
Which pie slice do non-associate distributors and direct plans hold?
Non-associate distributors like MFDs and NDs form 48% or Rs 22.83 lakh crore of the total MF business of the top 30 fund houses. Notably, direct plans are not far behind as they constitute 45% or Rs 21.35 lakh core.
* Rs in crore
