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An analysis of AMFI data shows that the top 50 MFDs manage AUM of Rs.11.67 lakh crore in FY 2024. These MFDs account for 21% of the total MF assets or 37% of the total AUM under regular plans.
State Bank of India continued to maintain its dominance in the MF distribution world. The country’s largest bank manages AUM of Rs 1.73 lakh crore in FY 2024, 20% more than FY 23.
With a healthy 30% growth, NJ IndiaInvest’s average AUM increased to Rs 1.61 lakh crore. The ND occupies the second spot. HDFC captures the third spot with average AUM of Rs.1.19 lakh crore in FY 2024. It witnessed growth of 23% in its assets.
Notably, these are the only three distributors with assets of over Rs.1 lakh crore.
Following behind are Axis Bank and Prudent Corporate Advisory Services with an average AUM of Rs 74,290 crore and Rs 69,785 crore, respectively.
Other distributors in the top 10 were ICICI Securities, ICICI Bank, Kotak Mahindra Bank, 360 One Distribution Services and Anand Rathi Wealth.
In terms of growth in percentage terms, 360 One Distribution Services, Shagun Sutaria Stock Broking and IDFC First Bank saw a healthy increase of over 50% in their assets.
Here is how the average AUM data of these and other top 50 distributors looks like.
|
Ranking |
Distributors |
AUM FY 2024 |
AUM FY 2023 |
Change in absolute terms |
Growth in % terms |
|
1 |
State Bank of India |
1,73,756 |
1,44,301 |
29,454.79 |
20% |
|
2 |
NJ IndiaInvest |
1,60,999 |
1,24,025 |
36,973.88 |
30% |
|
3 |
HDFC Bank |
1,19,188 |
96,729 |
22,458.58 |
23% |
|
4 |
Axis Bank |
74,290 |
69,697 |
4,593.36 |
7% |
|
5 |
Prudent Corporate Advisory Services |
69,785 |
53,164 |
16,621.38 |
31% |
|
6 |
ICICI Securities |
62,600 |
51,770 |
10,830.33 |
21% |
|
7 |
ICICI Bank |
55,749 |
50,447 |
5,301.75 |
11% |
|
8 |
Kotak Mahindra Bank |
46,100 |
40,693 |
5,407.38 |
13% |
|
9 |
360 ONE Distribution Services |
29,905 |
17,080 |
12,824.71 |
75% |
|
10 |
Anand Rathi Wealth |
28,342 |
20,851 |
7,491.30 |
36% |
|
11 |
HSBC Bank |
26,546 |
22,421 |
4,125.14 |
18% |
|
12 |
Julius Baer Wealth Advisors (India) |
24,735 |
20,851 |
3,884.47 |
19% |
|
13 |
Standard Chartered |
22,327 |
18,926 |
3,401.64 |
18% |
|
14 |
HDFC Securities |
14,538 |
10,816 |
3,721.67 |
34% |
|
15 |
JM Financial Services |
14,455 |
12,009 |
2,445.22 |
20% |
|
16 |
Aditya Birla Finance |
14,344 |
13,271 |
1,072.76 |
8% |
|
17 |
Bajaj Capital |
13,923 |
11,936 |
1,987.01 |
17% |
|
18 |
Scripbox.Com India |
12,536 |
9,636 |
2,899.33 |
30% |
|
19 |
Deutsche Bank AG |
12,228 |
10,668 |
1,559.69 |
15% |
|
20 |
Bank Of Baroda |
11,654 |
9,174 |
2,479.53 |
27% |
|
21 |
Wealth India Financial Services |
11,086 |
9,260 |
1,825.57 |
20% |
|
22 |
Batlivala & Karani Securities India |
10,582 |
11,240 |
-658.71 |
-6% |
|
23 |
Geojit Financial Services |
10,206 |
8,043 |
2,162.69 |
27% |
|
24 |
Motilal Oswal Wealth |
9,083 |
6,873 |
2,210.32 |
32% |
|
25 |
Mata Securities India |
7,799 |
9,170 |
-1,371.05 |
-15% |
|
26 |
Pioneer Client Associates |
7,773 |
6,761 |
1,012.33 |
15% |
|
27 |
IIFL Securities |
7,662 |
5,811 |
1,850.42 |
32% |
|
28 |
Sharekhan |
7,500 |
6,213 |
1,287.26 |
21% |
|
29 |
Sapient Wealth Advisors And Brokers |
6,842 |
8,842 |
-2,000.42 |
-23% |
|
30 |
Bluechip Corporate Investment Centre |
6,553 |
5,497 |
1,055.99 |
19% |
|
31 |
SPA Capital Services |
6,539 |
6,918 |
-378.92 |
-5% |
|
32 |
Canara Bank |
6,519 |
5,601 |
917.77 |
16% |
|
33 |
Motilal Oswal Financial Services |
5,993 |
4,643 |
1,350.04 |
29% |
|
34 |
Ask Wealth Advisors |
5,655 |
4,235 |
1,420.43 |
34% |
|
35 |
Centrum Wealth |
5,620 |
5,864 |
-244.42 |
-4% |
|
36 |
IDFC First Bank |
5,537 |
3,657 |
1,880.24 |
51% |
|
37 |
Union Bank of India |
5,089 |
4,448 |
641.24 |
14% |
|
38 |
Shagun Sutaria Stock Broking |
4,898 |
2,930 |
1,967.60 |
67% |
|
39 |
IDBI Bank |
4,835 |
4,977 |
-142.08 |
-3% |
|
40 |
Nuvama Wealth and Investment |
4,510 |
3,745 |
765.55 |
20% |
|
41 |
Indusind Bank |
4,470 |
4,292 |
178.21 |
4% |
|
42 |
KNS Money |
4,385 |
4,403 |
-18.49 |
0% |
|
43 |
AUM Capital Market |
4,208 |
5,270 |
-1,062.37 |
-20% |
|
44 |
Sapient Finserv |
4,023 |
0 |
4,023.25 |
0% |
|
45 |
Integrated Enterprises (India) |
3,952 |
3,465 |
487.07 |
14% |
|
46 |
Russell Credit |
3,869 |
4,277 |
-408.37 |
-10% |
|
47 |
Eastern Financiers |
3,837 |
3,075 |
762.22 |
25% |
|
48 |
Sanctum Wealth |
3,397 |
3,068 |
329.01 |
11% |
|
49 |
SMC Global Securities |
3,389 |
2,996 |
392.76 |
13% |
|
50 |
Pranitya Wealth |
3,370 |
2,785 |
584.50 |
21% |
|
Total |
11,67,177 |
9,66,824 |
2,00,354 |
21% |
|
As you can see, these top 50 distributors recorded 21% growth in their assets under advisory in FY 2024.
Scripbox, a boutique MF distribution firm, made it to the top 20 list with AUM of over RS.12,200 crore in FY 2024. The company recorded 30% growth in its assets.
Other boutique players in the list include – Pioneer Client Associates, Sapient Wealth, Bluechip Corporate Investment, SPA Capital, KNS Money, AUM Capital, Sapient Finserv and Pranitya Wealth.
In terms of the gross revenue, the ranking changes a bit. NJ IndiaInvest, SBI and HDFC Bank were the top three players.
NJ IndiaInvest tops the list with gross revenue of Rs.1882 crore in FY 2024, a growth of 22% in its revenue compared to FY 2023.
State Bank of India and HDFC Bank occupy the next two spots with gross revenue from MF distribution business of Rs.1039 crore and Rs.790 crore, respectively. Both the banks saw their revenue increase by over 15% in one year.
Prudent Corporate Advisory Services and Axis Bank capture the next two spots with gross revenue of Rs.736 crore and 597 crore, respectively.
Among other players in the top 10 list are ICICI Securities, ICICI Bank, Kotak Mahindra Bank, Anand Rathi Wealth and HSBC Bank.
Overall, the top 50 MFDs saw their revenue income grow by 19% to reach Rs.9071 crore in FY 2024.
Let us look at the ranking based on the revenue.
|
Ranking |
Distributors |
Gross revenue in FY 2024 |
Gross revenue in FY 2023 |
Change in absolute terms |
Growth in % terms |
|
1 |
NJ IndiaInvest |
1882 |
1539 |
342.83 |
22% |
|
2 |
State Bank of India |
1039 |
905 |
133.87 |
15% |
|
3 |
HDFC Bank |
790 |
669 |
121.04 |
18% |
|
4 |
Prudent Corporate Advisory Services |
736 |
583 |
153.20 |
26% |
|
5 |
Axis Bank |
597 |
542 |
54.37 |
10% |
|
6 |
ICICI Securities |
521 |
454 |
67.75 |
15% |
|
7 |
ICICI Bank |
400 |
398 |
2.08 |
1% |
|
8 |
Kotak Mahindra Bank |
324 |
297 |
27.21 |
9% |
|
9 |
ANAND RATHI WEALTH |
291 |
213 |
78.41 |
37% |
|
10 |
HSBC Bank |
169 |
135 |
33.15 |
24% |
|
11 |
360 ONE Distribution Services |
147 |
124 |
23.83 |
19% |
|
12 |
Standard Chartered Bank |
140 |
121 |
19.49 |
16% |
|
13 |
Julius Baer Wealth Advisors (India) |
139 |
111 |
28.17 |
25% |
|
14 |
HDFC Securities |
127 |
97 |
30.36 |
31% |
|
15 |
Bank Of Baroda |
124 |
100 |
23.76 |
24% |
|
16 |
Bajaj Capital |
117 |
102 |
14.55 |
14% |
|
17 |
Geojit Financial Services |
95 |
82 |
13.18 |
16% |
|
18 |
JM Financial Services |
89 |
74 |
15.40 |
21% |
|
19 |
Wealth India Financial Services |
86 |
76 |
10.43 |
14% |
|
20 |
Scripbox.Com India |
79 |
55 |
24.66 |
45% |
|
21 |
Deutsche Bank AG |
68 |
56 |
12.29 |
22% |
|
22 |
Sapient Wealth Advisors And Brokers |
64 |
74 |
-10.65 |
-14% |
|
23 |
Sharekhan |
63 |
55 |
7.96 |
14% |
|
24 |
Pioneer Client Associates |
63 |
56 |
6.99 |
12% |
|
25 |
IIFL Securities |
62 |
47 |
14.97 |
32% |
|
26 |
Aditya Birla Finance |
55 |
49 |
6.59 |
14% |
|
27 |
Canara Bank |
50 |
47 |
2.63 |
6% |
|
28 |
Bluechip Corporate Investment Centre |
50 |
43 |
7.01 |
16% |
|
29 |
Motilal Oswal Wealth |
48 |
36 |
11.99 |
33% |
|
30 |
Motilal Oswal Financial Services |
45 |
37 |
7.94 |
22% |
|
31 |
Centrum Wealth |
37 |
36 |
0.27 |
1% |
|
32 |
Eastern Financiers |
36 |
31 |
5.21 |
17% |
|
33 |
Wealth First Port Folio Managers |
35 |
9 |
26.08 |
283% |
|
34 |
IDFC First Bank |
34 |
24 |
10.07 |
42% |
|
35 |
Indusind Bank |
34 |
31 |
2.50 |
8% |
|
36 |
IDBI Bank |
31 |
36 |
-4.69 |
-13% |
|
37 |
AD Naik Wealth |
31 |
25 |
5.89 |
24% |
|
38 |
Sapient Finserv |
29 |
0 |
28.68 |
#DIV/0! |
|
39 |
Integrated Enterprises (India) |
29 |
26 |
2.66 |
10% |
|
40 |
MFA Capital |
28 |
22 |
5.88 |
26% |
|
42 |
Sift Capital |
28 |
20 |
7.03 |
34% |
|
43 |
Symphonia Wealth |
27 |
18 |
8.29 |
45% |
|
44 |
Finwizard Technology |
26 |
24 |
2.84 |
12% |
|
45 |
Sundaram Finance |
26 |
21 |
5.19 |
25% |
|
46 |
Yes Bank |
26 |
21 |
4.54 |
21% |
|
47 |
Ask Wealth Advisors |
25 |
20 |
5.28 |
26% |
|
48 |
Jain Privy Client |
25 |
23 |
1.96 |
8% |
|
49 |
MFA Wealth |
25 |
15 |
10.29 |
70% |
|
50 |
Nuvama Wealth and Investment |
25 |
22 |
3.09 |
14% |
|
51 |
Shagun Sutaria Stock Broking |
24 |
17 |
6.58 |
38% |
|
Total |
9071 |
7644 |
1427 |
19% |
|
Source: AMFI
