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An analysis done by Cafemutual shows that non-associate distributors like banks, NDs and individual MFDs contribute half or 48% of the total MF industry AUM. The combined non-associate distributor AUM across fund houses is Rs. 26.50 lakh crore in March 2024.
HDFC MF, ICICI Prudential MF and UTI MF are the top three preferred fund houses for non-associate distributors.
HDFC MF has the highest non-associate distributor AUM of Rs. 3.40 lakh crore. The fund house derives close to 55% of its AUM through non-associate distributors.
ICICI Prudential MF and UTI MF occupy the second and third spots with non-associate AUM of Rs. 3.32 lakh and Rs. 2.12 lakh crore, respectively. While ICICI Prudential MF derives 48% of the total AUM from non-associate distribution channels, UTI MF saw 72% of its business coming from them.
Nippon India MF and SBI MF are the next two fund houses with a non-associate distributor AUM of Rs. 2.034 lakh crore and Rs. 2.025 lakh crore, respectively.
In absolute terms, among other fund houses in the top 10 are Kotak MF, Aditya Birla MF, Axis MF, Mirae Asset MF and Edelweiss MF.
Let us look at the table to know more.
|
Sr. No. |
Fund House |
Non-associate AUM |
Total AUM |
% |
|
1 |
HDFC |
340419 |
623815 |
54.6 |
|
2 |
ICICI Prudential |
332396 |
696557 |
47.7 |
|
3 |
UTI |
211968 |
293003 |
72.3 |
|
4 |
Nippon India |
203396 |
442000 |
46.0 |
|
5 |
SBI |
202538 |
929756 |
21.8 |
|
6 |
Kotak |
191179 |
387436 |
49.3 |
|
7 |
Aditya Birla |
162590 |
330416 |
49.2 |
|
8 |
Axis |
123697 |
277285 |
44.6 |
|
9 |
Mirae Asset |
103876 |
162821 |
63.8 |
|
10 |
Edelweiss |
94868 |
127373 |
74.5 |
|
11 |
DSP |
90411 |
146722 |
61.6 |
|
12 |
Tata |
74880 |
147473 |
50.8 |
|
13 |
Franklin Templeton |
71172 |
89167 |
79.8 |
|
14 |
Bandhan |
65891 |
139836 |
47.1 |
|
15 |
Canara Robeco |
60057 |
88078 |
68.2 |
|
16 |
HSBC |
57311 |
109368 |
52.4 |
|
17 |
Sundaram |
44122 |
57334 |
77.0 |
|
18 |
Invesco |
41393 |
77132 |
53.7 |
|
19 |
Quant |
30122 |
64777 |
46.5 |
|
20 |
Motilal Oswal |
27677 |
47684 |
58.0 |
|
21 |
PPFAS |
24528 |
67463 |
36.4 |
|
22 |
Mahindra Manulife |
16155 |
19660 |
82.2 |
|
23 |
PGIM India |
16154 |
23075 |
70.0 |
|
24 |
LIC |
13701 |
31037 |
44.1 |
|
25 |
Baroda BNP Paribas |
12180 |
35933 |
33.9 |
|
26 |
WhiteOak Capital |
7650 |
9242 |
82.8 |
|
27 |
Union |
6517 |
15013 |
43.4 |
|
28 |
ITI MF |
4851 |
6633 |
73.1 |
|
29 |
Bajaj Finserv |
4139 |
10073 |
41.1 |
|
30 |
360ONE |
3516 |
9329 |
37.7 |
|
31 |
Bank of India |
2915 |
6905 |
42.2 |
|
32 |
JM Financial |
2768 |
6095 |
45.4 |
|
33 |
Samco |
1933 |
2213 |
87.3 |
|
34 |
Navi |
801 |
5169 |
15.5 |
|
35 |
Helios |
701 |
1171 |
59.9 |
|
36 |
Taurus |
666 |
752 |
88.6 |
|
37 |
Groww |
212 |
707 |
30.0 |
|
38 |
Shriram |
201 |
486 |
41.4 |
|
39 |
Quantum |
132 |
2302 |
5.7 |
|
40 |
Old Bridge |
86 |
201 |
42.8 |
|
41 |
Trust |
82 |
1070 |
7.7 |
|
42 |
NJ |
14 |
5694 |
0.2 |
|
43 |
Zerodha |
0 |
843 |
0.0 |
In terms of percentage, Taurus MF has the highest share of non-associate distributor AUM of its total AUM at 89%. Samco MF, WhiteOak Capital MF, Mahindra Manulife MF, Franklin Templeton MF, Sundaram MF, Edelweiss MF, ITI MF, UTI MF and PGIM India MF are other fund houses with over 70% of their total AUM coming from non-associate MFDs.
