NJ, SBI and Baroda BNP Paribas have high dependency on their associate distributors

An analysis of AUM done by Cafemutual shows that NJ Financial Mutual Fund, SBI Mutual Fund and Baroda BNP Paribas Mutual Fund have high dependency on their associate distribution network.

Associate distributors are affiliates of fund houses. For instance, Axis Bank is the associate distributor of Axis MF.

Our analysis shows that the NJ Financial Mutual Fund has the highest dependency on its associate distributor. It derives 99% of its total regular plan assets from its associate distributor.

SBI Mutual Fund and Baroda BNP Paribas Mutual Fund occupy the second and third positions with associate share of 49% and 48% in their regular plan assets.

Union Mutual Fund, Shriram Mutual Fund and BOI Mutual Fund capture the next spots with 42% (Union MF) and 32% each (Shriram MF and BOI MF) of their total regular plan assets coming from associate distributors.

Among others who derive 10% and above from their associate distributors are Axis Mutual Fund (20%), LIC Mutual Fund (15%), ICICI Prudential Mutual Fund (14%),  Trust Mutual Fund(13%), JM Financial Mutual Fund (13%), Canara Robeco Mutual Fund (11%), HSBC Mutual Fund (10%) and HDFC Mutual Fund (10%).

In absolute terms, SBI MF, ICICI Prudential MF and HDFC MF are the leaders in terms of associate AUM figures. They occupy the top three positions, managing Rs 2.35 lakh crore, Rs 65,300 crore, and Rs 46,200 crore in associate AUM, respectively.

Please note that we have not taken the fund houses who do not have assets from associate distributors. Also, we have considered only regular plan AUM to arrive at the dependency ratio.