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An analysis done by Cafemutual shows that about 7% of MF AUM in March 2024 across fund houses comes from associate distributors. These distributors manage AUM of Rs. 3.81 lakh crore in March 2024.
Associate distributors are affiliates of fund houses. For instance, Axis Bank is the associate distributor of Axis MF.
Fund houses with large associates like SBI MF, ICICI Prudential MF and HDFC MF are the top players in terms of AUM from associate distributors.
SBI MF has the highest associate distributor AUM of Rs. 1.91 lakh crore. The fund house derives close to 21% of its total assets from SBI bank.
ICICI Prudential MF and HDFC MF are the next two fund houses with associate AUM of Rs. 52000 crore. and Rs. 37000 crore, respectively.
Axis MF and Kotak MF complete the top 5 with associate distributor AUM of Rs. 29500 crore and Rs. 13300 crore, respectively.
Next in the list of top 10 is Baroda BNP Paribas MF. The associate partner of the fund house contributes over Rs. 10,000 crore to the fund house. As a result, the fund house derives close to 32% of its AUM from Bank of Baroda and BNP Paribas.
Other fund houses with high associate distributor AUM are Aditya Birla MF, Canara Robeco MF and HSBC MF. They manage assets from associate distributors of Rs. 9500 crore, Rs. 7100 crore and Rs. 7000 crore, respectively.
Union MF is the last entry in the top 10 with an associate distributor AUM of Rs. 5400 crore.
The data shows that 11 out of the 43 fund houses did not have any AUM from associate distributors.
Let us look at the table to know more.
|
Sr. No. |
Fund House |
Associate AUM |
Total AUM |
% |
|
1 |
SBI |
191039 |
929756 |
20.5 |
|
2 |
ICICI Prudential |
51923 |
696557 |
7.5 |
|
3 |
HDFC |
37006 |
623815 |
5.9 |
|
4 |
Axis |
29459 |
277285 |
10.6 |
|
5 |
Kotak |
13299 |
387436 |
3.4 |
|
6 |
Baroda BNP Paribas |
11327 |
35933 |
31.5 |
|
7 |
Aditya Birla |
9533 |
330416 |
2.9 |
|
8 |
Canara Robeco |
7093 |
88078 |
8.1 |
|
9 |
HSBC |
7000 |
109368 |
6.4 |
|
10 |
Union |
5365 |
15013 |
35.7 |
|
11 |
NJ |
4463 |
5694 |
78.4 |
|
12 |
UTI |
3108 |
293003 |
1.1 |
|
13 |
LIC |
2647 |
31037 |
8.5 |
|
14 |
Motilal Oswal |
1970 |
47684 |
4.1 |
|
15 |
Bank of India |
1683 |
6905 |
24.4 |
|
16 |
Sundaram |
1512 |
57334 |
2.6 |
|
17 |
Tata |
742 |
147473 |
0.5 |
|
18 |
JM Financial |
496 |
6095 |
8.1 |
|
19 |
Edelweiss |
456 |
127373 |
0.4 |
|
20 |
Bandhan |
429 |
139836 |
0.3 |
|
21 |
360ONE |
235 |
9329 |
2.5 |
|
22 |
Mahindra Manulife |
217 |
19660 |
1.1 |
|
23 |
Shriram |
155 |
486 |
31.9 |
|
24 |
Samco |
72 |
2213 |
3.3 |
|
25 |
DSP |
27 |
146722 |
0.0 |
|
26 |
Invesco |
26 |
77132 |
0.0 |
|
27 |
Trust |
23 |
1070 |
2.1 |
|
28 |
Bajaj Finserv |
21 |
10073 |
0.2 |
|
29 |
ITI MF |
14 |
6633 |
0.2 |
|
30 |
WhiteOak Capital |
7 |
9242 |
0.1 |
|
31 |
Mirae Asset |
3 |
162821 |
0.0 |
|
32 |
Taurus |
1 |
752 |
0.1 |
|
33 |
Nippon India |
0 |
442000 |
0.0 |
|
34 |
Franklin Templeton |
0 |
89167 |
0.0 |
|
35 |
Quant |
0 |
64777 |
0.0 |
|
36 |
PPFAS |
0 |
67463 |
0.0 |
|
37 |
PGIM India |
0 |
23075 |
0.0 |
|
38 |
Navi |
0 |
5169 |
0.0 |
|
39 |
Quantum |
0 |
2302 |
0.0 |
|
40 |
Groww |
0 |
707 |
0.0 |
|
41 |
Zerodha |
0 |
843 |
0.0 |
|
42 |
Helios |
0 |
1171 |
0.0 |
|
43 |
Old Bridge |
0 |
201 |
0.0 |
In terms of percentage, NJ MF has the highest associate distributor share of its total AUM of 78%. Union MF, Shriram MF and Baroda BNP Paribas MF also have an over 30% share of associate distributor AUM in its total AUM.
Other fund houses with high associate distributor AUM share includes BOI MF, SBI MF and Axis MF.
