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An analysis of the latest AUM data carried out by Cafemutual shows that HDFC MF, ICICI Prudential MF and Nippon India MF have the highest assets from non-associate distributors as on March 2025.
Non-associate distributors are essentially those who are not affiliated to the sponsors of AMC. In other words, this comprises individual MFDs, non-affiliated banks and non-affiliated NDs.
HDFC MF has the highest non-associate AUM among all fund houses with assets of Rs. 3.97 lakh crore, contributing about 52% of the fund house’s overall AUM.
ICICI Pru MF is the second in the list with AUM of Rs. 3.91 lakh crore contributed by non-associate distributors, forming about 45% of its total AUM.
Nippon India MF occupies the third spot with AUM of Rs. 2.43 lakh crore AUM from non-associate distributors which makes up 44% of its overall assets.
UTI MF and SBI MF complete the top five with non-associate AUM of Rs. 2.38 lakh crore and Rs. 2.37 lakh crore, contributing 70% and 22% of their total AUM, respectively.
Other fund houses with healthy assets from non-associate distributors include Kotak MF, Aditya Birla Sun Life MF, Axis MF, Mirae Asset MF and DSP MF.
In terms of percentage of non-associate partners with respect to the total AUM, Samco MF has the highest share of its AUM from non-associate distributors at 87%.
WhiteOak Capital MF and Mahindra Manulife MF are the next two with 86% and 84% of their total assets coming from non-associate partners.
Taurus MF and ITI MF have recorded over 80% contribution from non-associate distributors. Other AMCs with over 70% of their assets from non-associate distributors include Franklin Templeton MF, Sundaram MF, Edelweiss MF and UTI MF.
Overall, the non-associate distributors have contributed Rs. 30.94 lakh crore, which is 46% of the total industry AUM.
Here is the table on non-associate AUM of each fund house.
|
Sr. No. |
Fund House |
Non-associate AUM |
Total AUM |
Non-associate AUM (%) |
|
1 |
HDFC |
397239 |
762539 |
52.09 |
|
2 |
ICICI Pru |
390553 |
874334 |
44.67 |
|
3 |
Nippon India |
242757 |
556530 |
43.62 |
|
4 |
UTI |
237839 |
338362 |
70.29 |
|
5 |
SBI |
237132 |
1061990 |
22.33 |
|
6 |
Kotak |
224335 |
477737 |
46.96 |
|
7 |
Aditya Birla Sun Life |
172507 |
378506 |
45.58 |
|
8 |
Axis |
130521 |
314489 |
41.50 |
|
9 |
Mirae Asset |
113043 |
182680 |
61.88 |
|
10 |
DSP |
105438 |
183223 |
57.55 |
|
11 |
Edelweiss |
104436 |
142796 |
73.14 |
|
12 |
Tata |
88655 |
186009 |
47.66 |
|
13 |
Franklin Templeton |
84453 |
106246 |
79.49 |
|
14 |
Bandhan |
76094 |
164640 |
46.22 |
|
15 |
Canara Robeco |
66977 |
101895 |
65.73 |
|
16 |
HSBC |
62085 |
119065 |
52.14 |
|
17 |
Invesco |
53289 |
104173 |
51.15 |
|
18 |
Sundaram |
48011 |
64746 |
74.15 |
|
19 |
Motilal Oswal |
46817 |
91740 |
51.03 |
|
20 |
Quant |
37869 |
86016 |
44.03 |
|
21 |
PPFAS |
35485 |
103462 |
34.30 |
|
22 |
Mahindra Manulife |
22853 |
27090 |
84.36 |
|
23 |
LIC |
16449 |
36054 |
45.62 |
|
24 |
Baroda BNP Paribas |
16315 |
45003 |
36.25 |
|
25 |
PGIM India |
16099 |
23450 |
68.65 |
|
26 |
WhiteOak Capital |
14650 |
17093 |
85.71 |
|
27 |
Bajaj Finserv |
11316 |
20821 |
54.35 |
|
28 |
Union |
8342 |
19700 |
42.35 |
|
29 |
ITI |
7194 |
9014 |
79.81 |
|
30 |
JM Financial |
6052 |
13596 |
44.51 |
|
31 |
Bank of India |
5389 |
11351 |
47.48 |
|
32 |
360 One Asset |
4769 |
11231 |
42.46 |
|
33 |
Samco |
2402 |
2754 |
87.22 |
|
34 |
Helios |
2054 |
3507 |
58.57 |
|
35 |
Trust |
923 |
2753 |
33.53 |
|
36 |
Navi |
825 |
7126 |
11.58 |
|
37 |
Groww |
762 |
1594 |
47.80 |
|
38 |
Taurus |
704 |
852 |
82.63 |
|
39 |
Shriram |
511 |
917 |
55.73 |
|
40 |
Old Bridge |
433 |
1258 |
34.42 |
|
41 |
Quantum |
205 |
2595 |
7.90 |
|
42 |
NJ |
38 |
6326 |
0.60 |
|
43 |
Unifi |
8 |
320 |
2.50 |
|
44 |
Zerodha |
0 |
5310 |
0.00 |
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