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A review of December 2023 average AUM data reveals that SBI reports Rs 1.76 lakh crore of assets through associate distributors, the highest among others. Associate distributors are nothing but affiliates of fund houses who understandably focus on distributing mutual funds of the respective fund house. For example, SBI Bank is the associate distributor of SBI MF.
ICICI Prudential MF which manages Rs 47,359 crore through affiliates secured the second spot. HDFC MF, Axis MF and Kotak MF follow next and make it to the top five. Their individual associate asset base stands at Rs 34,026 crore, Rs 27,791 crore and Rs 13,085 crore, respectively.
The next five top fund houses in terms of associate assets are Baroda BNP Paribas MF (Rs 10,592 crore), Aditya Birla Sun Life MF (Rs 9,380 crore), Canara Robeco MF (Rs 6,827 crore), HSBC MF (Rs 6,252 crore) and Union MF (Rs 5,175 crore).
What percent of MF business is from associate distributors?
The contribution of associate distributors is modest across fund houses. Only five fund houses derive 10% or more of their MF business from them - Union MF (37%), Baroda BNP Paribas MF (32%), Bank of India MF (24%), SBI MF (20%) and Axis MF (10%).
On the other hand, five fund houses have no affiliates and hence report no business from associate distributors. These are Nippon India MF, Franklin Templeton MF, PPFAS MF, quant MF and PGIM India MF.
Here is the fund house wise contribution of associate distributors in the total average AUM. Figures mentioned are in crore.
|
Sr No |
Mutual Fund |
Associate Avg AUM |
Total Monthly Average AUM |
Associate as a % of Total |
|
|
1 |
SBI (1) |
1,75,880 |
8,80,143 |
20% |
|
|
2 |
ICICI Prudential (2) |
47,359 |
6,39,974 |
7% |
|
|
3 |
HDFC (3) |
34,026 |
5,74,415 |
6% |
|
|
4 |
Axis (8) |
27,791 |
2,65,609 |
10% |
|
|
5 |
Kotak (5) |
13,085 |
3,62,441 |
4% |
|
|
6 |
Baroda BNP Paribas (22) |
10,592 |
33,201 |
32% |
|
|
7 |
Aditya Birla Sun Life (6) |
9,380 |
3,17,642 |
3% |
|
|
8 |
Canara Robeco (15) |
6,827 |
83,029 |
8% |
|
|
9 |
HSBC (14) |
6,252 |
1,05,538 |
6% |
|
|
10 |
Union (26) |
5,175 |
13,869 |
37% |
|
|
11 |
UTI (7) |
3,097 |
2,84,835 |
1% |
|
|
12 |
LIC (23) |
2,464 |
27,049 |
9% |
|
|
13 |
Motilal Oswal (21) |
1,577 |
40,795 |
4% |
|
|
14 |
Bank of India (30) |
1,493 |
6,111 |
24% |
|
|
15 |
Sundaram (19) |
1,413 |
53,363 |
3% |
|
|
16 |
Tata (11) |
915 |
1,38,854 |
1% |
|
|
17 |
Edelweiss (13) |
410 |
1,20,228 |
0.3% |
|
|
18 |
Bandhan (12) |
372 |
1,29,493 |
0.3% |
|
|
19 |
360 ONE (27) |
217 |
8,334 |
3% |
|
|
20 |
Mahindra Manulife (25) |
212 |
16,538 |
1% |
|
|
21 |
DSP (10) |
26 |
1,40,750 |
0.02% |
|
|
22 |
Invesco (17) |
25 |
66,431 |
0.04% |
|
|
23 |
Bajaj Finserv (29) |
14 |
6,686 |
0.2% |
|
|
24 |
WhiteOak Capital (28) |
7 |
7,126 |
0.1% |
|
|
25 |
Mirae Asset (9) |
3 |
1,54,729 |
0.002% |
|
|
26 |
Nippon India (4) |
- |
3,93,958 |
- |
|
|
27 |
Franklin Templeton (16) |
- |
82,769 |
- |
|
|
28 |
PPFAS (18) |
- |
57,091 |
- |
|
|
29 |
quant (20) |
- |
45,498 |
- |
|
|
30 |
PGIM India (24) |
- |
23,367 |
- |
|
|
Grand Total |
3,48,612 |
50,79,868 |
7% |
||
Notes
* We have collated and reviewed the data of fund houses occupying the top 30 spots in December 2023 rankings. Click here to view the ranking
* Fund houses are serially mentioned in the order of December 2023 associate assets
* Numbers mentioned in brackets are December 2023 rankings
